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Profile: Nurit Rothmann, David Harari & Guy Harari
Jan 5, 2014 4:46 AM
By Rapaport News
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RAPAPORT... Bluedax is an online rough diamond trading platform providing dealers and manufacturers with access to rough boxes from multiple digital sources.
Names: Nurit Rothmann, David (Dudu) Harari & Guy Harari
From: Israel
Company: Bluedax –
Co-founders & partners
Rapaport News: What prompted you to pursue a career in the diamond industry and eventually establish Bluedax?
Bluedax: We were all working independently as rough diamond brokers. Nurit started her career as a diamond sorter and then buyer before taking a break from the industry to study. Nurit returned to the industry and worked as a rough broker for an international company for 10 years before deciding to become independent. About a year later, Nurit met Dudu, who was a well-established rough broker in the industry, as well as his brother Guy, who had just returned to Israel from Belgium. The three of us got together in 2011 and built the Bluedax platform, which took us approximately a year and a half to complete.
Rapaport News: What is the toughest professional challenge that you have faced?
Bluedax: The diamond industry is very traditional and tends to adapt slowly to change. So that is a mindset we have to tackle as we build our platform.
Furthermore, currently, the predominant way for companies to learn about the rough market is through rumors, which can be misleading. Companies need up-to-date information in order to build and grow. We realized that it’s very difficult to gain access to current, accurate information, and so we spent a year assessing what people in the rough market want to facilitate their businesses. We spoke to manufacturers, dealers, and those in the secondary market and understood that there isn’t any platform that really provides up-to-date information about the rough market. So our challenge was to make Bluedax a platform that provides all the information and connections needed to succeed in the rough market.
Rapaport News: What have been the most notable changes in the diamond industry over the course of your careers?
Bluedax: Margins for the mid-stream industry have gotten tighter and continue to do so. In order to maintain a profitable and healthy business, you need to use all the tools available, including the latest technology. It used to be much easier to find rough, manufacture and sell the resulting polished at a profit. Today, competition is very strong and prices are high. Everyone has to adapt with the market. If you stand still, you die.
At the same time, the rough market has been slow in its evolution and there remains a certain amount of ignorance and lack of information about the market. In such an environment you become much more afraid to make changes and decisions. We try to clear the confusion and help people understand the rough diamond market by making it more transparent and efficient.
Rapaport News: What are the biggest challenges facing rough dealers and brokers in the current market environment, and how should they be addressed?
Bluedax: Margins are small and the risk is very high. In order to optimize and reach the best client in real time, dealers need access to better marketing methods. This can only be done on a platform where the whole market is present, all the time. Businesses also have to navigate the multi-layered bureaucratic process of buying the stone, polishing it, and selling it. We believe that technology can be used to simplify the process for everyone.
Rapaport News: What added value does Bluedax bring to the market to address those changes and challenges?
Bluedax: We’re here to help the industry. We’re not diamond dealers; we’re objective and want to help the mid-stream market with its struggle with rough diamonds. We are trying to help people by bringing Bluedax to them. Technology has presented certain challenges and learning curves for rough dealers but it can also enhance their businesses. Our platform can ensure that.
Rapaport News: What made you decide to launch Bluedax in India?
Bluedax: India was the natural place to launch because it is such a huge market for rough diamonds and the most influential market today. Indians also happen to be very big users and early adapters of technology and various digital gadgets. They were the first to encourage us to build Bluedax, and they gave us plenty of feedback and guidance on our product before we launched the company.
Rapaport News: What advice would you give to someone starting out in the diamond sector?
Bluedax: You need to have a love for the industry and for diamonds. Education is also very important. There is a perception that you don’t need an education to work in the diamond industry, but that is a big mistake. The diamond industry is a global market and you need to have an awareness of the outside world and be open to viewing it from a larger perspective.
Rapaport News: How do you envision your business 10 years from now?
Bluedax: We’re still under construction. We’re evolving all the time and are very open-minded to the extent that we don’t feel that we will end up where we started. This is what is beautiful about our position.
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