The sudden resignation of Moshe Mosbacher from his role as president of the Diamond Dealers Club effective September 20, 2011, has resulted in Basant Johari – the vice president of the DDC to now assume the office of acting president of DDC of New York. Mosbacher had resigned following various financial allegations. In announcing his resignation, Mosbacher negated the allegations against him.

He also stated that the DDC’s accountant and the Executive Board will be investigating the allegations. He also noted that ‘it would serve the DDC properly if I stepped aside. This way the investigation can be conducted without any possible hindrance.’ He further added that ‘I insist that the books and workings of the DDC over the last ten years should continue as part of my resignation. I am confident that when all facts and figures are known, it will show that there was absolutely no wrongdoing on my part."