The rumors are flying all over 47th Street about problems at the Diamond Dealers Club, in particular with regards to the club’s finances. Here is what I can report at this time:
– Treasurer Jacob Zupnick has resigned his position over what he felt was a lack of information to do his job properly. This is the first time, to my knowledge, that an elected offiicial of the club has resigned.
– The executive committee of the club decided to bring in a third-party consulting firm to do a thorough review of the bourse’s books, as well as to look at ways to improve its operations, particularly now that the club is running a deficit. The report was presented at a special board of directors meeting yesterday.
– The people who attended yesterday’s meeting said they were impressed and hope that things will be straightened out and are “going in the right direction.” In addition, the board will take a more active role in the club in the future, and the DDC also wants to be more prominent in the industry. “It’s good we are tackling these things,” one participant said.
All of us who really care about one of the diamond industry’s great institutions, and want to see it regain its one-time prominence, can certainly hope things will get back on track. We’ll be watching this …