Dominion Diamond Corp., has launched a B2B online trading platform for its CanadaMark diamonds.
James Pounds, Dominion’s executive vice-president, diamonds, says the platform was developed to simplify the trading process across international time zones and also help retailers source CanadaMark diamonds.
“Some of our retailers told us they were finding it difficult to get access to CanadaMark diamonds,” he tells Jewellery Business. “They had demand from their customers, but didn’t know how to get hold of the diamonds.”
Announced at last year’s JCK Las Vegas, the platform is now up and running, although Pounds couldn’t say how much trading has actually transpired since its official launch a few weeks ago at this year’s edition of the show. He expects retailers in Canada, the United States, the United Kingdom, and Australia to make up the bulk of users.
Although retailers may appreciate being able to buy CanadaMark diamonds through the platform, Pounds says not everyone welcomed the news.
“Some of the wholesalers were not overly impressed with the idea because it sort of cuts them out of the middle the chain, but a few of them have come around to our way of thinking and see it as a useful tool even for them,” he adds.
“Wholesalers can benefit from the awareness the platform generates and they can even use the platform themselves. A lot of our wholesalers have long-standing relationships with our manufacturers. [In the end], we want the diamond-buying public to have the best access they can to our product.”
Pounds says a B2C platform is a possibility “down the line,” but adds that is a “quantum leap” from developing a B2B site. “We are certainly not currently planning a B2C platform,” he adds.
