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The Antwerp World Diamond Centre (AWDC) and DODAQ have launched a new global online exchange for polished diamonds called DIAMDAX (Diamond Dealers Automated Exchange).
DiamondWorld reports the exchange 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. DIAMDAX is the result of a joint venture between DODAQ and the AWDC, the coordinating body and official representative of the Antwerp diamond sector in Brussels and was officially launched at the hands of Sir Richard Branson.
Nishit Parikh, President of the AWDC said the platform “will truly revolutionize 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.”
The online exchange invites diamond traders and jewellers worldwide to buy and sell polished diamonds, online. Stones can be uploaded on the website to be bought of bid for. The buying and selling of diamonds will be processed fully automatically online. The platform was designed to deliver an innovative solution that will facilitate the trade and investment in diamonds using technology, in a global marketplace.
DiamondWorld added that Ari Epstein, CEO of AWDC, said the main objective of this exchange wasto modernize the diamond industry and make it more transparent.
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