On May 7, Sir Richard Branson (right on the photo), a pioneering entrepreneur and one of the most remarkable businessmen of our times, launched DIAMDAX, the Diamond Dealers Automated Exchange. This global online exchange for polished diamonds is the first to uniquely offer continuous, electronic auctions for buyers and sellers, to trade individual polished diamond categories, based on real time tradable spot prices.
DIAMDAX™ is the result of a joint venture between DODAQ and the AWDC. Through this online diamond exchange, diamond traders and jewelers 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. Immanuel Van Poppel, Managing Director of DIAMDAX (left on the photo), told Rough&Polished how it works.
What is the goal pursued by DIAMDAX?
It is very important for an exchange to give a global solution. That means that there is lot of logistics behind. Developing an exchange is one thing, but there are a lot of other parameters that have to fall in place. To give you an example: we have been working with the government of Belgium for months to get a special storage facility or temporary storage facility. So it is not only making a local product and then giving it to the industry. We have to give a global solution. I think that it is very important for the industry that they have an independent objective exchange. It is also not easy to make first the bridge between technology and the diamond industry, because the diamond industry is a very conservative industry.
Do you have partners in Russia?
We do not have any partners in Russia.
Would you like to invite them to cooperate?
We are a business entity and we are always in talks with different parties, with various organizations. At this point, for us the most important thing is to secure the objectivity on the exchange.
Is it possible to buy diamonds made in Russia on DIAMDAX?
We have created an anonymous exchange where DIAMDAX will act as an electronic broker between buyer and seller. So, all the goods are anonymous. You will buy certified polished stones. We do not want you to buy only Antwerp goods or Russian goods.
Do all the stones have the Antwerp diamond lab’s certificates?
It is one of the three laboratories we are working with, which are HRD, GIA and IGI.
Do you expect to have many clients?
We have a very strict policy in accepting members, because we want to create a special environment.
The Bain & Co studied that AWDC commission learned that there 250.000 independent jewellers and 10.000 independent manufactures. It is a huge market as such and it is 18 bln market. We already have the firm confirmation from 50 of the largest companies in the world to join and participate in the exchange.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
