Jeweller - June, Edition I 2020

Positive results for new diamond trading platform
The World Federation of Diamond Bourses purchased the Get Diamonds platform in April.
Get Diamonds, the World Federation of Diamond
Bourses (WFDB)’s trading platform, has registered
more than 3,400 suppliers and 26,000 buyers – the
majority of which are retailers – in its first six weeks
of operation.
According to a statement from the WFDB, the
platform currently has more than 1.2 million
diamonds listed for sale, with a market value
of $US5.6 billion.
”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”
– Yoram Dvash, World Federation of Diamond Bourses
The platform was initially developed by the Israel
Diamond Exchange (IDE) and purchased by the
WFDB in April, shortly after a mass exodus of
diamond dealers from the RapNet trading platform,
which is owned by US company Rapaport.
While users pay a small fee to list goods on Get
Diamonds, the platform is non-profit and the WFDB
intends to invest user fees into promoting the
diamond trade internationally.
Yoram Dvash, acting president WFDB and president
IDE, 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.’”
To meet international demand, Get Diamonds is
currently available in English, Gujarati, Mandarin,
Hebrew, and Russian, and will soon be translated
into Arabic.
The platform has also been endorsed by leaders of
CIBJO, the Hong Kong Diamond Federation, and the
Antwerp World Diamond Center.
Michael Hill reopens 125 stores
CONTINUED FROM PAGE 14.
Daniel Bracken, CEO Michael Hill International, said,
“The surge in our digital sales signals a notable shift
in consumer behaviour in the jewellery category.
“We have been quick to respond and harness this
opportunity, with the implementation of a number
of digital initiatives to continue to attract new
customers and maintain the momentum.
“I’m very proud of the agility of our team to roll out so
many digital initiatives in such a short period
of time.”
He added, “The next six months and beyond will
continue to be challenging, however, we are wellplaced
in each market to emerge as a strong and
more relevant jewellery brand.”
In April, the company implemented a new ‘lean’
operating model including reductions to executive
salaries, a review of corporate structure and support
staffing, deferral or cancellation of store expenditure,
and returning or repurposing inventory.