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Investors take shine to diamonds online
Rosamund Urwin13.02.09
Investors can now get their cut of diamonds more easily, with the opening of the first online exchange for the gems.
The Dealers Organisation for Diamond Automated Quotes (Dodaq), launched in Antwerp, offers a two-way auction for traders, giving a platform for electronic transactions in polished diamonds with real-time pricing.
Chief financial officer Alex Fray said institutional and private investors and people from all parts of the diamond industry have been rushing to use the service. Buyers have previously faced a hefty sales tax but the jewels are stored in a tax-free zone, making it cheaper to trade.
Demand for diamonds has been hit by the global downturn, with producer De Beers recently saying it does not expect a recovery until Christmas next year at the earliest, Dodaq is optimistic.
"The trend is for growing demand from emerging markets. Over the medium term, demand is expected to outstrip supply," Fray said.
Reader views (1)
As the word "CERTIFICAT" in it's legal content does not exist in the diamond industry for the quality description of a natural polished diamond by a laboratory examination.
The correct word is "GRADING REPORT" without any garantie by the issuing institution for what ever is printed about the quality of the diamond in question.
How does the story, the transaction, looks when you want to resell your purchased diamond,and the new buyer demands and updated GRADING REPORT, which may have different results, by repeated examinations! ?
Good luck to All.
- Elzas Eddy, Antwerpen Belgium
