World diamond federation acquires Israeli Get Diamonds digital platform
The coronavirus pandemic prevented the possibility of flying to meetings and exhibitions, so trading became digital.
By JERUSALEM POST STAFFIsrael Diamond Exchange president Yoram Dvash(photo credit: GAL LAVIE)
The advanced diamond trading platform Get Diamonds of the Israel Diamond Institute has been acquired by the World Federation of Diamond Bourses. The move was spearheaded by Israeli Diamond Exchange president Yoram Dvash who was elected president of the World Federation of Diamond Bourses a month and a half ago.The coronavirus pandemic prevented the possibility of flying to meetings and exhibitions, so trading became digital. This is expected to change the way business is done in the diamond industry and will have to use the most advanced marketing and trading technology.In a very short time, within five weeks, Get Diamonds captured the market and established itself as the world’s largest diamond trading platform, with over 1.2 million diamonds, totaling close to $6 billion, with a site that already lists over 3,500 dealers and more than 26,000 buyers from all over the world.The purpose of the platform is to enable an ideal stage for direct contact between merchants and customers from all over the world in a transparent and objective way and through a variety of languages: English, Hebrew, Chinese, Russian and Hindi, and soon an Arabic language version is expected.The move is expected to change the industry and the long-term trading method and shift a significant portion of expensive and slow activities such as flights and exhibitions, to cheap and fast Internet trading.The platform also allows traders to operate during hours when the Israeli economy has finished working but in other countries it is just starting.Through the use of the platform, companies in Israel and around the world can upload and publish diamond inventory they’re offering for sale. Each company has its own page and can manage it independently from anywhere and at no cost.A digital marketing campaign is expected for the first time to reach hundreds of thousands of retailers, traders and manufacturers of world exchanges including in the United States, UAE, India and China.“With the coronavirus crisis, which has almost completely stopped international trade and flights, the subject of on-line acquisitions has accelerated the industry,” said Dvash. “Because it is not possible to fly, hold meetings and exhibitions internationally, we anticipated the trend and decided to develop an innovative digital platform with the aim of enabling diamond traders worldwide a convenient, accessible platform that complies with antitrust laws. The fact that within a month and a half it has become the world’s leading trading platform is a significant proof of the importance of our federation and the recognition that the diamond community in the country is fully transparent.”
