New York's Diamond Dealers Club Reopens

RAPAPORT... New York's Diamond Dealers Club (DDC) unlocked its doors on Tuesday, with social distancing in place, after the city entered phase one of its reopening plan."Based on my conversations with members, I felt it was the highest priority to be open as soon as possible, as many members rely on the trading floor as a necessity for their businesses and livelihoods," DDC president Reuven Kaufman said Monday in a note to members, seen by Rapaport News. "I asked DDC staff to work tirelessly today to prepare the club in a single day so that we could be open tomorrow."Management removed half of the tables and is ensuring members wear masks, DDC president Reuven Kaufman added Thursday in an email to Rapaport News. Kaufman said the club - which shut on March 16 due to the coronavirus pandemic - was working to follow the regulations while ensuring a comfortable working environment for traders. He also expressed hope that authorities would allow it to relax some of the restrictions over time."Our members are wonderful and are complying with all the rules, and I guess are just thankful to be back in a working atmosphere," he observed.As for polished demand, Kaufman was "optimistic that there is enough pent-up emotion in people and they will be ready to treat themselves to some jewelry."To our chagrin, many jewelers are closing, which obviously is never a good sign. The industry seems to be consolidating, and maybe that will leave the goods in strong hands and hopefully bode well for all of us."Phase one of New York City's reopening, which began Monday, allows a range of wholesale and manufacturing businesses to reopen. That stage also permits jewelers and other retailers to resume deliveries, as well as curbside and in-store pickup.Image: Reuven Kaufman. (Rapaport News)