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Get Diamonds, a trading platform launched by the World Federation of Diamond Bourses in April, has received an enthusiastic response from the industry.
Get Diamonds, a trading platform launched by the World Federation of Diamond Bourses in April, has received an enthusiastic response from the industry.

Positive results for new diamond trading platform

Get Diamonds, the World Federation of Diamond Bourses (WFDB)’s trading platform, has registered more than 3,400 suppliers and 26,000 buyers – the majority of which are retailers – in its first six weeks of operation.

According to a statement from the WFDB, the platform currently has more than 1.2 million diamonds listed for sale, with a market value of $US5.6 billion.

The platform was initially developed by the Israel Diamond Exchange (IDE) and purchased by the WFDB in April, shortly after a mass exodus of diamond dealers from the RapNet trading platform, which is owned by US company Rapaport.

While users pay a small fee to list goods on Get Diamonds, the platform is non-profit and the WFDB intends to invest user fees into promoting the diamond trade internationally.

Yoram Dvash, Israel Diamond Exchange
Yoram Dvash, Israel Diamond Exchange
"The pandemic has necessitated a change. With the launch by the WFDB of Get Diamonds as an international platform, we are offering the industry a transparent, convenient way to continue to trade worldwide"
Yoram Dvash, World Federation of Diamond Bourses

Yoram Dvash, acting president WFDB and president IDE, said, “The COVID-19 crisis has almost completely halted international travel and major industry events have been cancelled. Diamantaires have traditionally based their business on visiting clients and attending international trade shows, but the pandemic has necessitated a change.

“With the launch by the WFDB of Get Diamonds as an international platform, we are offering the industry a transparent, convenient way to continue to trade worldwide. It is truly ‘By the industry, for the industry.’”

To meet international demand, Get Diamonds is currently available in English, Gujarati, Mandarin, Hebrew, and Russian, and will soon be translated into Arabic. The platform has also been endorsed by leaders of CIBJO, the Hong Kong Diamond Federation, and the Antwerp World Diamond Center.

 

More reading: 
World Federation of Diamond Bourses names new president
New diamond trading platform launching this month
Furore as diamond prices fall; Rapaport Price List suspended

 




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