DIAMDAX, a dealers exchange out of Antwerp, launched in partnership with DODAQ and the Antwerp World Diamond Centre (AWDC). The online exchange offers electronic auctions for polished diamonds using real-time spot prices.
Simon Okuniew, the director of DIAMDAX, said, ''We are excited to launch this revolutionary diamond exchange, enabling our clients to buy and sell diamonds smarter and faster. With the exchange’s ability to report real transaction data, the diamond industry will have a true and accurate pricing model.''
Given that dealers and jewelers can use this platform to buy and sell polished diamonds, Nishit Parikh, the president of the AWDC, explained, “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 DIAMDAX platform is one of the projects the AWDC made as part of its ''Diamond Masterplan'' re-invention effort this year, according to Ari Epstein, the chief executive of the AWDC. ''The electronic diamond exchange will revolutionize the way polished diamonds are traded globally, resulting in a unified, diamond spot price,'' Epstein siad. ''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. It not only proves our commitment to the masterplan, it confirms Antwerp’s leading role in the global diamond business.”