Physical club space limits diamond trade membership more than eligibility does.

Evidence

The New York DDC currently has 2,000 members; in most years there is a waiting list for admission. Although requirements for membership are strict, the main constraint on membership is space, not the inability of dealers to meet the membership requirements. — Lisa Bernestein, Opting out of the Legal System, 37

Categorization

• QUESTION: Worth chasing: does the space constraint exist because proximity/face-to-face dealing is essential in this trade, or is it a rent-preserving scarcity device chosen by incumbents?