If the golden rule for real estate is location, then for the diamond industry it is all about relationships Not only on a personal level between dealers, buyers and suppliers, but also diamond bourses are increasingly forging relationships with each other in an effort to facilitate trade.
Already in 2014, the Israel Diamond Exchange hosted the Diamond Dealers Club of New York (DDC), India’s Gem and Jewellery Export Promotion Council (GJEPC) co-hosted a gem and jewelry fair in Dubai, and the invitation-only Antwerp Diamond Trade Fair was held for the fifth consecutive year. While each of these events follows a different model, they demonstrate greater cooperation within the global polished diamond trade.
It’s important to understand the objectives of these budding bourse relationships.
[two_third]The role of the bourse trading floor has been challenged in recent times. With the advent of the internet and the ever increasing need to certify diamonds, goods are now easily viewed online and deals are generally sealed in offices, on the phone or behind closed doors. As a result, the trading floor has lost much of its vibrancy and relevance.[/two_third][one_third_last]
“The role of the bourse trading floor has been challenged in recent times.”
Efforts, primarily by the bourses in Antwerp, Israel and New York, to restore some of that vibrancy have been admirable. This week’s (somewhat tediously named) U.S. and International Diamond Week in Israel saw approximately 400 companies operating booths, reportedly 350 registered buyers from 20 countries attending and $1 billion worth of goods available for trade.
Similar events took place in New York when the DDC hosted the second annual Israel Diamond Week in November, and the DDC is planning an Antwerp Diamond Week in New York with Beurs voor Diamanthandel from May 5 to 8. The DDC is also in talks to partner with the Bharat Diamond Bourse to create the India Diamond Week in New York – although nothing concrete has been planned yet.
Picture Antwerp Diamond Fair Trade