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DDC Expands Arbitration Service to Cover Disputes with Non-Members

Nov 9, 2015 6:31 AM   By Rapaport News
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RAPAPORT... Members of the Diamond Dealers Club (DDC) of New York will be able to use the organization’s arbitration services to resolve disputes over transactions with non-members following an expansion of the service.

DDC members can now take cases to the trade group’s arbitration program by putting an arbitration clause into memos or invoices, or on their letterhead, the DDC said in a statement.

The move is aimed at increasing the safety and efficiency of diamond and jewelry transactions, the statement said. Arbitration through the DDC has been the preferred way of resolving disputes in the U.S. diamond industry for over 80 years, it added.

DDC president Reuven Kaufman said the organization’s arbitration service is “faster and cheaper than the court system,” adding: “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.”
Tags: arbitration, Diamond Dealers Club, legal, Rapaport News
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