Jacob Banda Reelected at DDC

By Rob Bates, Senior Editor -- JCK Online, 8/1/2004 2:00:00 AM

Diamond Dealers Club president Jacob Banda has won a third vote of confidence from his bourse.

A political neophyte who won his first election by just four votes, Banda won handily in his second election and this time ran unopposed. Bourse members give him high marks for diligence and accessibility.

DDC presidents serve a maximum of three terms.

Also reelected were David Abraham, vice president; Sylvain Ringer, secretary; and Elliot Krischer, treasurer.

Before the election, Banda was involved in a controversy, perhaps the first in his generally popular presidency. The Rapaport Diamond Report criticized him for acting as a broker for about 10 New York dealers who bought rough from the De Beers subsidiary Diamdel.

Banda has made increasing rough supplies to New York a focus of his administration, and when Diamdel finally acceded to his wishes, it was something of a coup. What irked Rapaport and some others is that Banda acted as broker for the dealers, meaning he received a commission for the transaction. Rapaport called the case a potential "conflict of interest."

Banda declined comment, except to say, "I did it for the industry, not for me." Diamdel was unavailable for comment.