With Leases Set to Soar, London Diamond Bourse to Discuss Future Location

Finance and Trade
18/08/2016 09:50

The London Diamond Bourse (LDB) will hold an extraordinary general meeting (EGM) to discuss the issue of leases in the historic Hatton Garden diamond area that are set to skyrocket. Leases will rise due to the opening soon of a station in nearby Farringdon of the Crossrail system which will vastly improve access and train times to the area.

The bourse hopes the meeting will provide an opportunity to consult its members as to the various options available to the LDB when its current Hatton Garden lease ends in July 2019. LDB Chief Operating Officer Victoria McKay said it is “imperative” that the organization makes plans beyond that date. McKay has previously said that there was a growing risk that Hatton Garden’s specialist workshops would be broken up due to the soaring leases.

“This EGM is specifically to gauge our members' feelings on what the future holds," McKay old Jewellery Focus. "For us it’s about doing what our members want us to do, if that means we stay in Hatton Garden, fantastic. If that means they are willing to explore the opportunities outside of Hatton Garden, then that’s something we will look at as well. Logic tells you that we can stay in Hatton Garden, but it will cost a lot more money to stay here come 2019. If that’s something our members are happy to do and happy to pay for then that’s what will happen. If not then we will look at other options, unless of course we can come up with another scenario between then and now.” She added that there are no “concrete” options for where the bourse could move if it decides to leave Hatton Garden, but it is currently inviting its members to propose suggestions.