London Diamond Bourse Ballot Results 2016
London Diamond Bourse Members Vote for Future
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The London Diamond Bourse held an Extraordinary General Meeting in the first week of November where the future of the organisation was discussed openly with members present. The meeting was remarkably well attended by members from all parts of the trade; including workshops, specialist insurers, SME businesses as well as major diamond dealers.
The Council of Management of the Bourse pledged to continue their yet unsuccessful search to find a viable option to remain located in or around Hatton Garden. It was stressed that with the lease ending in July 2019, it would be irresponsible not to look at future options, which could include a move out of the area.
Particular focus was made on the reliance of the industry on each other for continuity of work flow and the problems the local industry are facing due to escalating rents and rates. The possibility and vision surrounding a move out of the area were explained in detail to the audience, followed by a questions and answers session.
A resolution was presented for members and in an unprecedented move by the organisation, the ballot remained opened for a week – giving time for members to consider their vote fully.
LDB have now announced the results of the ballot as being, 92% in favour of the Council of Management continuing discussions with outside agencies to secure premises that may include a world-class jewellery hub in a placemaking scheme.
Chief Operating Officer, Victoria McKay, stated, “The Council of Management are not public facing as they are all working members of everyday Hatton Garden. I have not been instructed to make official comment before now as they felt morally obliged to consult with our members in the first instance, and seek a mandate to continue with their long standing efforts to find a way forward.
LDB Council is on record as saying we would prefer to stay in our historic home but we are running out of options, as are other businesses around us causing our wonderful industry to rapidly become fragmented. An organisation invested in the area needs to make a stand and be prepared to go into talks with outside parties, who look at us and the community around us, as an authentic asset with great value.
We only ask that the jewellery and diamond community keep their minds open to understanding what a move en masse could mean for the trade. The possibilities of the narrative surrounding a move could be a huge catalyst for the future of the industry. Hatton Garden’s biggest strength could be that if we stand together, we could earn ourselves a world class jewellery hub which will provide a secure future for us and the industry.”
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