Diamond Dealers Club (DDC) of New York is moving to the International Gem Tower on West 47th Street in New York City, from its longtime home at 580 Fifth Ave. President Reuven Kaufman said the move is, "critical to the future success and stability of the diamond industry on 47th Street in New York." The DDC's new home will be approximately 17,500 square feet on the 11th floor, including a new open trading floor with state of the art technical facilities, cafeteria and break area, according to a statement. Gary Barnett, the founder of Extell, said, “Having the DDC at the International Gem Tower completes our vision for a modern industry center in New York.” GIA has also relocated its New York City headquarters to the Gem Tower, from where it is now running its day-to-day business. “Office space is expensive, and more people are giving up offices and wanting to sit in the bourse,” said Reuven Kaufman, president of the DDC.
The International Gem Tower's website says the building was, "Conceived and designed specifically to meet the needs of the world’s evolving diamond, gem and jewelry trade. From its location in NY’s historic Diamond District to its Foreign Trade Zone designation, every facet of this state-of-the-art industry center enhances face-to-face communication and transactions in a robust security environment." 53 gem companies have already purchased space in the tower.