May 28, 2020

WFDB: Get Diamonds Records Rapid Growth; Focus Now on Reaching Retailers in Key Markets

Get Diamonds, the digital diamond trading platform recently acquired by the World Federation of Diamond Bourses (WFDB) has seen the number of diamonds listed on it, as well as their valuedouble in the last six weeks. The focus now, the global body said, is on expanding its outreach to retailers in key markets including the USA. “Today the number of diamonds listed is over 1,200,000, with total value of over $5.5 billion, with 3,500 registered suppliers and 26,000 registered buyers, most of which are retailers,” the WFDB said in a statement. The numbers are expected to rise further, with the WFDB stating that it “is currently in negotiations with retail jewellery associations in the United States”.  The rapid expansion has been partly driven by endorsements from key players in the world diamond industry. WFDB said that among those who have endorsed the platform are Lawrence Ma, founder and chairman of the Diamond Federation of Hong Kong and China (DFHK); Lin Qiang, President of the Shanghai Diamond Exchange; Dr. Gaetano Cavalieri, President of CIBJO – the World Jewellery Confederation; Nishit (Bali) Parikh, President of the Antwerp World Diamond Centre and many others. The platform has also gained traction due to the fact that besides English, it also offers an interface in Chinese, Hindi, Russian and Hebrew, with Arabic to be made available shortly. As reported earlier, WFDB acquired the digital trading platform Get Diamonds from the Israel Diamond Institute about six weeks ago as it saw “an urgent need for a diamond trading platform that would strengthen the trade, not profit from it”. Get Diamonds is the only trading platform that is non-profit, independent and fully transparent, WFDB said, describing it as “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, WFDB explained.  Yoram Dvash, newly elected Acting President of the WFDB and President of the Israel Diamond Exchange said, "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.’”