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Which Trading Platform is Best for You?-Trading Platforms
So much has happened over the last couple of weeks in the diamond trading front. While vendors have abandoned a trading platform they have sworn by for years owing to a dispute regarding diamond pricing, relatively new players have emerged to show the industry what they can offer. Diamond World connected with 5 major players to understand how their portal works, the kind of pricing system they follow, some of their unique services and more so that you can make an informed decision and choose the one that works best for you
By: Diamond World News Service
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May 20 2020 11:53AM
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Reference: 24935  

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Our industry, just like the others in the realm of luxury is going through a watershed moment, thanks to COVID-19. Added to that, the single act of dropping the Rapaport price list on March 19th when the market has literally been on a comatose, has paved way for a lot of questioning, discussions, innovation and inventions. When one door shuts, many open and as RapNet decides to stick with its latest price list, hundreds of companies decided to delist their stocks and move onto other portals. On the other hand, service providers have been working round the clock to create alternative state-of-the-art trading platforms or better their existing ones.

Over the week, we saw a handful of diamond trading portals engage in webinars, giving us a little demo on how their portals work. Diamond World got in touch with all the players to understand their competitive edge over the others and what they have to offer.

By the Industry, For the Industry
To outperform a major player who has had a monopoly for several decades, the first and foremost criteria for any of these trading portals is to have a deep understanding and knowledge of diamonds. People from the diamond industry understand the pain points involved in selling diamonds, from procuring finance to payment and logistics. Most players who are at present in the bid to offer a highly effective networking platform where buying and selling can happen cogently are invariably from the diamond business or the jewellery industry. A majority of these companies are relatively new entrants in the market with prior experience in the diamond or jewellery business.

Two key criteria you should keep in mind before you select your trading portal:

The Question of Pricing
Diamond pricing has always been a matter of debate. Should the industry embrace a price list for diamonds? If so, should the industry collectively create a price list or should the trading portal govern the pricing based on trading activity? Many believe that diamond is not a commodity and hence there shouldn’t be a price list at all and suppliers must be able to price their diamonds as they wish. But for four decades, the industry has been following a universal price list. So before you take a call, please check whether or not the portal allows you to determine your own pricing.

Technological Advantage
While on the one end an understanding of diamonds and how this industry works is important, on the other, the one who leverages technology the most to understand user behaviour and utilize the same to provide topnotch services to its members will have an undue advantage. Take for example Amazon – the success of this ecommerce giant has been backed by its ability to use data to create customized experiences for its users. Amazon also uses this data to further build its relationship with customers. The most successful trading portal will be the one that uses tech to create a seamless selling and buying experience – all the vendors have to worry about is creating the perfect diamond.

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