The leadership of the Diamond Dealers Club held meetings this week with the Consul General of India in New York and then with senior officials from the New York branch of the State Bank of India (SBI), during which they detailed the advantages of joining the DDC for Indian diamond dealers doing business in the US.



During the meeting with the Indian Consul General, the DDC officials presented a ground-breaking agreement that the DDC has concluded the Indian Diamond and Colorstone Association (IDCA) for reciprocal membership. IDCA represents some 200 Indian-American businesses in the US diamond sector.



"We want all communities - starting with those in America and India - to use their collective influence to enhance market conditions," said DDC Vice President Basant Johari, former president of IDCA. Working together, we can drive supply chain costs down, make payments fully secure, and expand markets for all."



DDC President Moshe Mosbacher noted that by joining the DDC, Indian dealers would be far better equipped to do business in the United States. "We provide ... time-honored services, like our arbitration system – which provides a fair and efficient means of settling business disputes – and also innovative solutions, like TransGuardian's logistics software and the DDC's Bonded Web Trading, which make it as feasible for a seller in New York to connect with a buyer in Hyderabad, as they do for a seller in Surat to connect with a customer in Nebraska."