Business magnate and philanthropist Richard Branson recently launched Diamdax, the Diamond Dealers Automated Exchange. This global online exchange for polished diamonds is the first to offer 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 jewellers from all over the world will be able to buy and sell polished diamonds, online, in just a few clicks. 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.
The mission of Diamdax is to deliver an innovative solution that will facilitate the trade and investment in diamonds using technology, in a global marketplace.
Diamdax is the result of a joint venture between Dodaq and the Antwerp World Diamond Centre (AWDC), the coordinating body and official representative of the Antwerp diamond sector.
"Diamdax will truly revolutionise 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," AWDC President Nishit Parikh said.
AWDC CEO Ari Epstein added, “Diamdax is one of the projects we announced in Antwerp’s Diamond Masterplan, which aims to modernise the diamond industry and make it more transparent. The electronic diamond exchange will revolutionise the way polished diamonds are traded globally, resulting in a unified, Diamond Spot Price. 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.”
Simon Okuniew, director of Diamdax, said this diamond exchange will “enable clients to buy and sell diamonds smarter and faster.”
"With the exchange’s ability to report real transaction data, the diamond industry will have a true and accurate pricing model," Okuniew said.
Immanuel Van Poppel, director of Diamdax, added: "For too long the diamond industry has been hampered by its own inefficiencies. Never before has the need for a fully independent trading platform been more apparent. The exchange provides not only actual trade price data but also offers a full suite of logistical solution, from trade initiation to clearing and cash settlement."