Just a month and a half after the World Federation of Diamond Bourses (WFDB) acquired the digital trading platform Get Diamonds from the Israel Diamond Institute, the platform has grown to become one of the world’s largest B2B diamond digital marketplaces.
Today the number of diamonds listed is over 1,200,000, with total value of over $5.5 billion £4.5bn, and the WFDB is investing great efforts to continue to grow the platform.
The WFDB acquired Get Diamonds because it saw an urgent need for a diamond trading platform that would strengthen the trade, not profit from it.
As opposed to many of the existing trading platforms, Get Diamonds is non-profit, independent and fully transparent. The slogan of the platform is, ‘By the industry, for the industry’.
While fees are low, it is not free for users. However, the platform intends to reinvest profits into projects that support and grow the diamond trade, including generic marketing of diamonds.
Newly elected acting president of the WFDB and [resident of the Israel Diamond Exchange, Yoram Dvash, shares: “The COVID-19 crisis has almost completely halted international travel and major industry events have been cancelled. Diamantaires have traditionally based their business on visiting clients and attending international trade shows, but the pandemic has necessitated a change.
“With the launch by the WFDB of Get Diamonds as an international platform we are offering the industry a transparent, convenient way to continue to trade worldwide. It is truly ‘By the industry, for the industry’.”
WFDB says the response has been overwhelming – in six short weeks Get Diamonds now offers stones of over one million carats. It has 3,500 registered suppliers and 26,000 registered buyers, most of which are retailers.
To meet demand, Get Diamonds is being translated into several languages: English, Mandarin, Gujarati, Russian and Hebrew are already available and Arabic is on the way.
Get Diamonds has also received excellent feedback from key players in the world diamond industry, who have endorsed the platform and are signing up their members.
The platform is now focused on expanding its outreach to retailers and is currently in negotiations with retail jewellery associations in the United States.