Online diamond marketplace Nivoda has reported over 350 diamond dealers and manufacturers signing up to its platform during the coronavirus crisis, adding an additional 125,000 certified diamonds to the website.
With many diamond dealers boycotting RapNet over a pricing dispute, suppliers are looking for alternative channels to sell their goods.
In a response to the revolt, Nivoda reported it is freezing the diamond reference prices to the March 6 pricing list, giving the industry time to decide how pricing will be handled going forward.
Nivoda chief executive officer, David Sutton, shares: “Suppliers appreciate that Nivoda is a truly independent platform and completely free of charge. We also take care of fulfillment, handling the logistics and payment of orders, which reduces the burden on suppliers.”
Alongside a strong increase in suppliers on the platform, Nivoda is also seeing a surge in buy-side users. In an industry that was already cash constrained and underbanked, the pandemic is pushing jewellers towards a more ‘inventory light’ business model. Nivoda’s fast delivery process allows jewellers to sell stock virtually without the need for pre-funding.
Nivoda is the only marketplace that delivers any diamond available for purchase globally. Buyers can choose from the 500,000+ stones on the site or simply share a certificate number and Nivoda does the rest.