New York's Diamond Dealers Club Closes

RAPAPORT... New York's Diamond Dealers Club (DDC) has shut due to the coronavirus outbreak in the US, the organization said in a note to members earlier this week."We do not take this action lightly, but our first duty is to protect our members and our community," the notice read.The move, effective March 16, followed consultations with state and local medical and legal professionals and with other bourses around the world, the DDC continued. Earlier this week, trading halls in Antwerp and Israel shut to stem the spread of the virus, while the Bharat Diamond Bourse in Mumbai has told member companies to reduce their worker numbers by 50%.Manhattan's 47th Street, where the club is based, has largely come to a standstill. Retailers including Tiffany & Co. and Macy's have shuttered all North American stores to prevent infections.Image: Polished goods at a 2015 trading event at the Diamond Dealers Club, New York. (Diamond Dealers Club)