5 Issues to Watch in the Diamond Industry

1 The Future of Memo The liquidation of Whitehall Jewelers wasn't pleasant for the industry. But it's quite possible it could have taken the rest of the industry down with it. Whitehall, then owned by a hedge fund and a bank, engaged in a prolonged legal war over ownership of the chain's millions in consigned goods. The chain contended that since some of the UCCs were not “perfected,” it could sell those goods to its benefit. Many thought, if Whitehall prevailed, it would have changed how the trade dealt in consignment. The industry eventually retained ownership of its goods, but it was a clear warning that the rules had changed. One of the lawyers involved in the fight, Lawrence Ginsburg of Moses Singer, predicted that, with non-traditional players like hedge funds increasingly playing a role in the industry, these fights will be more common. “This is no longer a handshake

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