With global mining giants De Beers, Rio Tinto and BHP Billiton cutting back on their rough diamond supplies because of the global economic slowdown and a huge inventory pile-up of finished jewellery, India’s jewellery makers may acquire finished round diamonds through the world’s first cash electronic trading platform launched recently in Belgium.
The Dealers’ Organisation for Diamond Automated Quotes (Dodaq) has launched Exchange.dodaq.com, the world’s first online diamond exchange, in Belgium, Antwerp.
By providing a two-way auction of round polished diamonds between 0.30 and 1.49 carats for individual categories, the exchange will create real-time spot prices and the first cash market for diamonds.
Dodaq Chief Operating Officer, Benjamin Spivack, said: "There will be no delivery defaults as all diamonds published on the exchange must first be in the vault to ensure its existence. All payments are instantaneously settled and this is achieved as participants have to pre-fund their accounts to be able to bid for a diamond ."
Indian jewellers may buy from online diamond exchange
Fri, 06 Feb 2009
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