The Israeli Diamond Exchange (IDE) website has announced that on February 6, the Israeli bourse will launch an online store in association with giant Chinese retailer Alibaba: 150 stores will take part in selling diamonds to jewelers and buyers, and later on to private customers.
As part of the cooperation, Alibaba promised to promote the Israeli diamond store, centrally placing it on their website and app. The virtual shop will offer goods by businesses that are part of the IDE, and run from the bourse’s operation room.
According to the IDE, “Nowadays, there is hardly any virtual commerce going on in the diamond industry, mainly following the fear by many consumers, who don’t feel safe buying diamonds from a non-physical store and of businesses who mostly prefer the old ways that include buying straight from the various exchanges all over the world. This initiative turns first of all to the international market, in order to save time for buyers from all over the world and enable them to buy diamonds from the Israeli exchange, that after watching photos and receiving full technical information about the high quality goods”.
IDE president Yoram Dvash said: “For the Israeli exchange the current crisis, that’s affecting the whole industry, is actually an opportunity that’ll place technological innovation in the center of things and will become its greatest advantage. We’re the first entering this field, and Israel’s position as a high tech empire will help us very much”.
IDE CEO, Eli Avidar, commented: “These days, our export extent is about $7 billion per year. Compared to 2011 ($11 billion) this is a significant decline. Going further back, the gap is ever larger”.
