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In the diamond business, tradition can be hard to ignore. With such a complex and defined supply chain, many believe that there is no way to adjust existing buying, selling and distribution models to include a digital element. While more of the world\u2019s economy has already moved online, the diamond industry cannot afford to get left behind.<\/p>\n
In truth, much of the industry has already begun realizing the benefits of doing business online. Today, a significant portion of the world\u2019s supply of polished diamonds is currently listed for sale on independent, supplier neutral online diamond trading networks. Unfortunately, preconceived notions have kept many diamond buyers and sellers from participating in these online exchanges. Here we\u2019ll examine these ideas and debunk the top 10 myths about online diamond trading.<\/p>\n
Fact:\u00a0Many dealers and suppliers think the primary goal of an online diamond buyer is to find the lowest bargain basement price. Of course price is important, but many other factors such as expertise, quality and customer service are also large parts of the equation. What most diamond buyers crave is to get exactly what they want from a seller that they can count on to deliver a worthy product. Online diamond trading networks provide easy access to suppliers that stake their reputation to deliver quality diamonds at a great value. With expanded options, buyers have a chance to shop for their diamonds from knowledgeable, trusted sellers no matter where they are located.<\/p>\n
Fact:\u00a0Leading online diamond jeweler, Blue Nile, makes a good argument against this myth \u2013 in 2011, one of their many transactions was\u00a0a $300,000 diamond engagement ring that sold via their iPhone App<\/a>. This year\u2019s net sales are projected to come in between $488 million and $505 million.\u00a0While Blue Nile is just one example of a consumer-facing site, there\u2019s no denying that the majority of commerce today is increasingly shifting to web and mobile channels. Today there are more than $8 billion worth of diamonds offered for sale on\u00a0rapaport.com\/trade<\/a>, the NYSE of the diamond world. The market would never have invested that much in the effort if it wasn\u2019t worth the return.<\/p>\n Fact:\u00a0It\u2019s imperative to trade on a reputable site that demands that all diamonds bought and sold within its platform are certified by a\u00a0reliable third party grading laboratory. Such online diamond trading networks uphold these certifications by qualifying each diamond for sale. With a broad range of resources, Rapaport Trade\u00a0ensures that suppliers accurately represent their diamonds and fully disclose all information about the products they sell. Misinterpretation of a diamond is not allowed and action is taken against any sellers who do not comply.<\/p>\n Fact:\u00a0Technicalities shouldn\u2019t keep you from participating in a world where\u00a0more than 40% of Internet users<\/a>\u00a0are spending more than $1 billion via ecommerce channels. Because the technology is so well developed, there is very little investment needed to quickly set up an independent site. Today there are so many \u201cdrag and drop\u201d options for creating websites and apps that it almost seems as if running an online store is easier than operating a brick-and-mortar business. It\u2019s a sales channel that is too big to ignore \u2013 today\u2019s digital technologies can\u00a0expand the reach<\/a>\u00a0of a business tenfold.<\/p>\nMyth 3.\u00a0All diamonds online have hidden flaws.<\/h3>\n
Myth 4.\u00a0It\u2019s too complicated to run and manage an online store.<\/h3>\n
Myth 5.\u00a0If I had a website, it would compete with my brick-and-mortar store.<\/h3>\n