English business magnate Sir Richard Branson has launched a new global online exchange for polished diamonds called DIAMDAX (Diamond Dealers Automated Exchange). This exchange, a joint venture between DODAQ and the Antwerp World Diamond Centre (AWDC), the coordinating body and official representative of the Antwerp diamond sector, offers continuous, electronic auctions for buyers and sellers to trade individual polished diamond categories, based on real-time, tradable spot prices.
Through this online diamond exchange, diamond traders and jewelers from all over the world can buy and sell polished diamonds via the internet. Stones can be uploaded on the website, where interested parties will be able to buy or make a bid. The buying and selling of diamonds will be processed fully automatically online.
"DIAMDAX will truly revolutionize the way diamond trading is done and transform it into a modern, efficient and high-performance business. For Antwerp, setting up this first, global trading exchange is a crucial element in tackling the increased competition and consolidating its market share," says Nishit Parikh, AWDC President.
Adds Ari Epstein, AWDC Chief Executive Officer: "DIAMDAX is one of the projects we announced in Antwerp's Diamond Masterplan, which aims to modernize the diamond industry and make it more transparent. The electronic diamond exchange will revolutionize the way polished diamonds are traded globally, resulting in a unified, Diamond Spot Price."
According to Epstein, "the main benefit of the ‘Diamond Spot Price' is greater transparency within the industry, which will enable new financing channels for the capital intensive diamond industry. It not only proves our commitment to the Masterplan, it confirms Antwerp's leading role in the global diamond business."