New York's Diamond Dealers Club (DDC) has launched a new initiative to widen its arbitration program in a bid to increase the security of diamond and jewelry deals.
For the first time, by putting an acceptable arbitration clause into their memos, invoices, or on their letterhead, DDC members will be able to use DDC arbitration to resolve disputes about transactions with non-members.
“DDC arbitration is faster and cheaper than the court system,” said DDC President Reuven Kaufman. “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.”
DDC Arbitration has been the preferred method of resolving disputes in the United States' diamond industry for over 80 years, and this groundbreaking expansion of the system aims to increase the safety and efficiency of today’s diamond and jewelry transactions.