Can a pandemic finally push the diamond trade into the digital age?
Covid-19 has created a glitch in our traditional business practices with strict social distancing requirements and restricted global travel. Our only option is to adapt and invent new methods of commercial interaction to answer the industry’s emerging needs. Luckily, there is an innovative and immediate solution out there.
Rough diamond trade has always been a business that depends heavily on in-person interactions. In fact, for over one hundred years, the industry has not changed and neither has its sales process. The age-old process has been this: buyers from around the world travel regularly to look at stones in major diamond trading hubs such as Belgium, India, Israel, Hong Kong, UAE, and the USA. Purchases were and are still made based on their physical visits to see and touch the diamonds. In many cases, the data has not been provided to the buyers for this reason.
While governments begin to ease restrictions on movement for citizens, the reality for many is that flights are still restricted or not available for travelers. This forces us to adapt and innovate if we desire to create a new normal that allows the diamond industry to continue to thrive no matter what.
BidGemmer is facing this challenge head-on and, in response, we’ve rapidly built an advanced, high-end solution for diamond traders, such as First Element, who can continue their cross-border activities virtually and with confidence.
“In these uncertain times, where international travel is severely restricted, it was imperative for First Element to allow all their buyers from around the world, the opportunity to bid and participate in their upcoming tenders”– Johan Erikson, CEO of First Element in a recent interview with The Diamond Loupe.
BidGemmer, the most technologically advanced SaaS diamond trading solution, provides a highly-secured and transparent platform that allows companies like First Element to offer a solution to its customers, so they can make informed purchasing decisions without the need to visit their Antwerp based office.
Some key features of the platform include:
- High-res photography and 3D imagery
- Diamond scan for detailed analysis and planning
- Composition breakdown of parcels
- AI-powered recommendations on past diamond/lot purchase
- In-app personal face-to-face meetings
Change is hard for business, but the BidGemmer platform provides an opportunity for buyers, who have previously preferred to see stones in hand, a way to see them easily without traveling. Buyers can actually see stones with self-assurance and stay competitive. Additionally companies like Russian Miner Alrosa have shown that digital tenders can be a great solution for those who are willing to work remotely. Moreover, their customers have confirmed that digital scans can provide data that they are happy with on every stone.
We live in a dynamic and globally connected world that is able to adapt and pivot. Despite Covid-19, people are finding creative ways to conduct business. BidGemmer is at the forefront of this change with pride. When buyers observe they are able to get a near in-person experience from the comfort and safety of their office, they may think again before the next long-haul. Are you ready to embrace the pioneering technology that will give your business an advantage in the post-COVID era?