How are many deals made in the Diamond District?

In the Diamond District, many deals are traditionally made through a handshake. This informal method reflects the long-standing culture of trust and personal relationships that have developed among the dealers in this vibrant marketplace. A handshake signifies agreement and mutual respect, serving as a key component in the negotiation process where personal rapport often outweighs formal contracts. The close-knit nature of the community fosters a sense of reliability, allowing transactions to be completed in a more personal and direct manner.

Contracts and written letters can certainly be utilized, particularly for larger transactions or more formal agreements, but they are not the common practice in day-to-day dealings in the district. Similarly, while online agreements hold significance in other sectors, they are less applicable to the face-to-face interactions that characterize the Diamond District's trading environment. Thus, the handshake not only facilitates but also reinforces the interpersonal relationships that are vital in this unique marketplace.