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Press Release: The New York Diamond Dealers Club (DDC) is profoundly distressed by reports that synthetic diamonds have been sold as naturally-mined stones. The rules of the organized diamond community clearly require that dealers in synthetic diamonds must identify them as synthetic (they must also disclose any other treatments). According to DDC's president, Reuven Kaufman, “The failure of members of our trade to identify synthetics can have a severe negative impact on consumer confidence in our business. Those who sell synthetics that are passed along as natural diamonds must be severely disciplined by the bourses that represent the organized international diamond community.” Kaufman went on to indicate that unless we act expeditiously and effectively to ensure that synthetic diamonds are clearly identified as such when they are sold, our entire industry may well be irreparably harmed. About the Diamond Dealers Club (DDC)
Established in 1931, the Diamond Dealers Club is the voice of the American diamond industry and is the oldest and largest diamond-trading bourse in the United States. A member of the World Federation of Diamond Bourses, the DDC’s nearly 2,000 members come from across the United States, Europe, Japan, India, South Africa and Israel. The DDC is headquartered in a 25,000 square foot facility in the heart of the diamond district in the World Diamond Tower at 580 Fifth Avenue and 47th Street. To learn more about the Diamond Dealers Club, please visit www.nyddc.com.
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