Diamond Dealers Club of New York and Indian Diamond and Colorstone Association Make Historic Agreement

New York, NY, July 11, 2011 --(PR.com)-- The Diamond Dealers Club of New York (DDC) and the Indian Diamond and Colorstone Association of New York (IDCA) met at the DDC’s Fifth Avenue Executive Suite today to conclude an agreement that allows members of each organization to become members of the other.

The DDC has been the world’s premier diamond exchange since 1931 and has over 1,800 Members. The IDCA, founded in 1984, represents 200 Indian-American businesses in the gem and jewelry industry.

The DDC leadership included Mr. Moshe Mosbacher, President, and Mr. Louis J. Rohde, Director of Member Services.

Mr. Sushil Goyal, President, and Ash Chalisa, Office Manager, represented the IDCA.

Also attending were Jim Moseley, President of TransGuardian, a provider of insured shipping software and services to the DDC, Madlene Moseley, Executive Vice President, and Rima Hagopian and Paul Freedman, Senior Account Managers.

“This is our vision for the New DDC,” said Mr. Mosbacher. “The Indian community has been tremendously successful in our industry. For too long, that has made non-Indian businesses feel challenged. We want to change that. All communities in our industry should cooperate as a single family. Unity will strengthen and improve all our opportunities – and not only for us, but for the generations who follow us.”

“We’re very enthusiastic about this new partnership,” said Mr. Goyal. “Our members have long been asking for the kind of benefits that our two organizations are now putting together. We feel that our collective strength will help us negotiate ever more streamlined costs and better returns for our industry.”

Under the terms of the agreement, IDCA Members can become DDC Members by paying discounted annual dues. They will then enjoy the following advantages:

· Access to the DDC’s Arbitration Board. Rather than resolving commercial disputes through expensive litigation, incoming IDCA Members will be able to appeal to the DDC’s arbitration system, which economically, efficiently, and justly issues judgments that are enforceable both through the Club’s regulations and in civil court.

· Access to the DDC’s Bonded Web Trading program (BWT), which allows Members to upload their inventory to the new DDC Diamond Exchange Website (www.thediamonddealersclub.com). The DDC’s BWT Sales Team reaches out every day to recruit new jewelry wholesale buyers nationwide as Bonded Trading Members. The team, under the Direction of Mr. Rohde, has brought in 200 new members in 2011 to date. These Web Traders are bound by the DDC’s arbitration rules, and the BWT can guarantee their payments. If a Member sends out a memo and the terms are net 10 days, the Member can be perfectly sure that either the goods or the money will be in his or her hands on Day 10. To jewelry retailers around the country the great advantage is gaining trusted access to the vast inventories of 1,800 – now 2,000 with the IDCA – major suppliers. This enables them to fill consumer needs faster and better, while simultaneously increasing revenues for Member-Suppliers.

· Access to DDC special discounts for insured shipping through TransGuardian and Wells Fargo Insurance Services. “I have personally experienced the savings,” said Basant Johari, Vice President of the DDC and past President of the IDCA, “and I had the best discounts possible from all the other carriers. I’m saving thirty percent or more via insured FedEx, UPS, or the US Postal Service with TransGuardian.”

· Access to the Insured Shipping Center (ISC), operated by TransGuardian inside the DDC Premises, which will officially open July 11th. The ISC will offer a full range of free carrier boxes and supplies for USPS, FedEx, and UPS shipments, as well as tamper-evident security bags and turtles and Mason Boxes. The ISC has self-service kiosk computers and printers, so Members can bring goods discreetly into the Club and prepare shipments with security, comfort, privacy, and speed. TransGuardian’s proprietary scanning technology means that Members can tender parcels quickly and get paper or electronic receipts without waiting in line. Upon request, Members can also have their US Mail and FedEx and UPS return shipments addressed to the DDC, and the ISC staff will act as the receiving agent. This means no more delivery door tags: when a Member’s parcel arrives in the morning, TransGuardian’s scan will trigger an email or text advising him or her that an incoming shipment is available for pick up.

· Access to Boomerang, TransGuardian’s return merchandise software, which makes the cost of an insured round-trip memo or gem lab return lower than a one-way trip the old way.

· Access to a new suite of Insured Group Benefits that TransGuardian negotiated for the DDC with Wells Fargo Insurance Services, all with group pre-qualifications at very affordable, low monthly rates. These include:

- Term Life and Accidental Death & Dismemberment
- Critical Illness
- Accident
- Whole Life
- Legal Services
- Vision
- Auto and Home
- Dental

“And that’s just the DDC package as of today,” said Mr. Mosbacher. “We are working diligently – and continuously – to add more and more benefits. It has never been more worthwhile to join the DDC.”

The two organizations plan to host a Seminar entitled “How to Save Money as a DDC-IDCA Member” in August to explain all the new advantages in detail to current and prospective Members.

The two organizations will then sponsor ongoing educational seminars at the DDC premises on shipping, anti-money laundering, and insurance best practices, so that Members may have continuous opportunities to learn how to understand and take advantage of each benefit for their businesses and families.

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