Diamond Dealers Club President Resigns

EXCLUSIVE

Diamond Dealers Club president Moshe Mosbacher resigned his position on Sept. 20, effective immediately.

Current vice president Basant Johari is now acting president.

The resignation comes on the heels of an article released today by journalist Chaim Even-Zohar in his Diamond Intelligence Briefs newsletter, which criticizes Mosbacher for, among other things, receiving a loan from the Club’s board.  

The allegations are “pure politics,” Mosbacher told me.

“I give you my word, there is nothing to any of this,” he adds. “But I thought it was better for the functioning of the club and for my health if I walked away. It is no longer worth it for me.”

The text of Mosbacher’s resignation letter is below:

In light of certain allegations that have been leveled against me which I maintain are totally false and without merit, I feel that it would serve the DDC properly if I stepped aside, as the accountant and the Executive Board look into the allegations. This way the investigation can be conducted without any possible hindrance. I insist that the [investigation into] books and workings of the DDC over the last ten years should continue as part of my resignation. I am confident that when all facts and figures are known, it will show that there was absolutely no wrongdoing on my part.

JCK News Director