So you’ve graduated from selling your old Pez dispensers on eBay and are ready for the big leagues of online selling? Well, you’re in luck. Now it’s possible to buy and sell diamonds online in a safe and secure manner. So claims the site DODAQ.
The site is hoping to become the first ever online diamond exchange where professional traders will buy, sell, and hold certified polished diamonds in the same way you’d trade stocks online. The site offers an auction service for traders and facilitates those transactions with real-time tradable pricing.
Currently, there is no single place to go for polished diamond inventories world wide, which means the buyer or seller is limited to whatever incomplete lists they can access in order to price and trade their diamonds. The current scheme for pricing is distributed weekly, but isn’t necessarily based on true market dynamics.
DODAQ hopes to change this, becoming the central listing house for these diamonds. A video on their site explains this in their words. What is not explained is how they will deal with huge brokerages who almost completely control the marketâˆšÂ¢â€šÃ‡Â¨â€šÃ„Ã¹namely De Beers.
Whatever your thoughts are on how likely it is that DODAQ will gain a hold in the market, you can sign up for a free demo of their site, complete with $500k in dummy money to trade with.