The DelGatto Diamond Finance Fund (DDFF) in partnership with IDEX Online has launched “the diamond industry's first ever online finance platform” that offers “online access to quick, easy and secure financing”.

A release posted on IDEX elaborates on the project, stating “Dealers who have inventory on the IDEX Online trading platform will be able to click on any individual stone or stones and receive an immediate financing estimate from DELGATTO Diamond Finance Fund.”

The partners state that the development is “more critical than ever as commercial banks are leaving our industry in record numbers”. They say that the amount of finance could range from $50,000 up to and over $10m. 

R. Andres Lucas, Co-Founder of DDFF describes the online option as “a reliable solution to getting capital easily and quickly".

DDFF says it is the world's largest non-bank lender for the diamond, jewellery and timepiece industries and that its mission is “to supply credit to an industry that desperately needs it”. The partnership is a critical next step that will make “collateral-based finance available online”.

Christopher Del Gatto, Co-Founder and CEO of DDFF, said: "For the first time ever a wholesaler who lists their goods on a platform like IDEX Online can simply press a button and receive financing as well. Thanks to IDEX we've created a process that is simple, secure and straightforward. We believe this will greatly increase the rate at which alternative financing provides credit for our industry."

Ehud D Cohen, IDEX Chairman, said: "We are thrilled to be the platform of choice for DelGatto. This is a truly ground-breaking moment for diamond dealers worldwide. Lack of liquidity, even before coronavirus, was arguably the leading challenge for the midstream of our industry. Commercial banks have all left, with few exceptions, and the Covid crisis has only exacerbated this problem exponentially."