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Articles from DIAMOND JEWELLERY (983 Articles), INDUSTRY ASSOCIATIONS (263 Articles)

Diamond Exchange director sets up new company

One of the directors of beleaguered online retailer Diamond Exchange is also the director of a new online jewellery auction site – and that site is making unfounded claims about GAA “affiliation”, Jeweller has discovered.
Company documents obtained by Jeweller for a new jewellery website called, which launched only last month, list three directors – one of whom is also a director of which has recently been inundated with consumer complaints concerning late delivery and refunds.

Wayne Solomon is a director of both companies while another director of Diamond Bidz is Simon Middleton, who has also been caught-up in the fracas surrounding Diamond Exchange’s membership to the Jewellers Association of Australia. Middleton is the chief financial officer of Diamond Exchange.

Australian Security and Investments Commission (ASIC) records list Dominic Elfer as Diamond Bidz’s third director. The records also indicate that both Diamond Bidz and Diamond Exchange operate from offices located in the same Melbourne building.

Even though the online retailer was only launched last month, it has already been taken to task over claims being made on its About Us page. The website states: “Diamond Bidz is also affiliated with the Gemmological Association of Australia (GAA)”, yet GAA federal secretary Katherine Kovacs confirmed that this wasn’t true.

“Diamond Bidz is not affiliated with the GAA and is not a member. Our Association doesn’t have corporate members, only individual members, and membership does not allow anyone to claim they are ‘affiliated’ with the GAA,” she explained.

“The word ‘affiliation’ to me implies that the two organisations are in some form of business partnership or collaboration and that’s not true. We are unaware of; as a company they can’t be members of the GAA and although they may very well have personnel who are members of our Association, they certainly should not be making any claim of an affiliation” Kovacs added.?

Another statement on Diamond Bidz’s website also appears to be misleading. The company states, “Our reputation within the industry dates back several generations and as such, we have developed trusted networks and a robust association with an international diamond infrastructure.”

Given that the company was formed in April 2010, and a media release on its own website announced “Diamond Bidz Launches in September 2010 - Australia” it seems unclear how the business can claim a reputation that “dates back several generations”.

The Diamond Bidz website makes another claim: “So you can have total piece of mind and confidence that what you get, is what you paid for!” Jeweller sought comment from both Solomon and Middleton about the new online retailer and asked the former how, as a director of Diamond Bidz, he could assure customers that they will get what they pay for on the site, given the number of complaints to the JAA regarding Diamond Exchange.

Neither had responded at the time of publication.

More reading:
Diamond Exchange case adjourned
Diamond Exchange poised for court
'Never buy diamonds online', urge stung customers
Australian Securities & Investments Commission
Diamond Exchange woes continue
Diamond Exchange stops trading
Diamond Exchange to be wound up?

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