The New York Diamond Dealers Club has renewed its lease at 580 Fifth Avenue, on the corner of 47th and Fifth, its home for more than 20 years.

The renewals comes after speculation that the Club might join an rival tower being built on 47th Street.

Jacob Banda, president of the Diamond Dealers Club, said the Club renewed its lease on “very favorable” terms.

“The owners of 580 Fifth Ave. have always been sensitive to the needs of the Club and have supported our efforts to improve the Club and the industry,” Banda said.

Kenneth Kahn, executive manager of 580 Fifth Avenue, said, “The Diamond Dealers Club is both an important symbol and an integral part of the diamond industry both in New York and around the world. After more than 20 years, the Club is virtually synonymous with The 580 World Diamond Tower.”

The Diamond Dealers Club currently leases approximately 25,000 square feet in the 38-story office building. The Club occupies an entire floor and has its own secure private entrance from 47th Street.

JCK