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DDC Expands Arbitration Service to Cover Disputes with Non-Members
Nov 9, 2015 6:31 AM
By Rapaport News
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RAPAPORT... Members
of the Diamond Dealers Club (DDC) of New York will be able to use the organization’s
arbitration services to resolve disputes over transactions with non-members following
an expansion of the service.
DDC members can now take cases
to the trade group’s arbitration program by putting an arbitration clause into
memos or invoices, or on their letterhead, the DDC said in a statement.
The move is
aimed at increasing the safety and efficiency of diamond and jewelry
transactions, the statement said. Arbitration through the DDC has been the
preferred way of resolving disputes in the U.S. diamond industry for over 80
years, it added.
DDC
president Reuven Kaufman said the organization’s arbitration service is “faster
and cheaper than the court system,” adding: “DDC arbitrators are experienced
members of the industry, which is especially important given the uniqueness of
the diamond and jewelry trade. Through this new initiative, we will be able to
bring the advantages of DDC arbitration to a wider range of cases.”
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Tags:
arbitration, Diamond Dealers Club, legal, Rapaport News
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