New online diamond exchange – DIAMDAX is launched

The venture is created by a JV between DODAQ and the AWDC

By: Diamond World News Service

DIAMDAX, the Diamond Dealers Automated Exchange is a new global online exchange is meant for polished diamonds. It 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 and was officially launched at the hands of Sir Richard Branson.

Nishit Parikh, President of the AWDC: “DIAMDAX 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.

Ari Epstein, CEO of AWDC: “DIAMDAX™ is one of the projects we announced in Antwerp’s Diamond Masterplan, which aims to modernize the diamond industry and make it more transparent. The electronic diamond exchange will revolutionize the way polished diamonds are traded globally, resulting in a unified, Diamond Spot Price. The main benefit of the ‘Diamond Spot Price’ is greater transparency within the industry, which will enable new financing channels for the capital intensive diamond industry”.