The Israel Diamond Exchange (IDE) and online sale colossus eBay on Thursday announced the first cooperation agreement of its kind in order to expand the sales by Israeli diamantaires of polished diamond online worldwide and expand overall Israeli diamond sales.
Hundreds of Israel Diamond Exchange members attended a special event in order to hear about the cooperation agreement at a festive launch event occasion at the Cullinan restaurant in the presence of IDE President Shmuel Schnitzer, Chairman of the Marketing and External Affairs Committee, Yoram Dvash, members of the IDE presidium, and the manager of eBay's business development department in Israel, Elad Goldberg. The event was run by IDE General Manager Moti Besser.
As part of the IDE's agreement with eBay, IDE members will receive hands-on training in establishing Diamond Stores on eBay's sales platform from the Internet giant's Israeli staff. The new members of eBay will have to abide by tough conditions to ensure a high level for the goods on offer and service provided while the products will be protected by eBay's protection systems.
Under the terms of this system, IDE members will be required to present their license to sell diamonds, their membership of the Israel Diamond Exchange and other documents.
IDE President Schnitzer praised the new initiative, saying: "We are experiencing an international revolution in all that is concerned with market, not just in the diamond sector. Today, it is possible to market diamonds directly from our offices via the Internet. The eBay company has 150 million consumers. This is an excellent platform to directly access many buyers and it is suited to big and small diamond companies alike. I would like to thank Yoram Dvash, Chairman of the Marketing and External Affairs Committee, for this initiative."
According to Schnitzer, the new initiative will give a great deal of added value to IDE members. "I am happy with the cooperation agreement with eBay that will help IDE members. This move will bring a lot of added value to IDE members who will receive a quality stamp of approval in the global electronic sales sector. They will also have exposure to buyers around the world and will help promote Israelis diamonds which are considered a global brand. The management of the bourse is continuously working to further consolidate Israel's position as an international diamond center. I am certain that this cooperation with eBay is a further step in this direction and aim."
Chairman of the Marketing and External Affairs Committee, Yoram Dvash, said: "They say that buyers used to once come to the IDE and stand in a line to buy diamonds. Then there was the first Gulf war and buyers stopped arriving so diamantaires sent salespeople who traveled around the world, knocking on doors in a bid to sell diamonds. In recent years, a new marketing path was created – tradeshows. Now, 120 Israeli diamond firms take part in the big shows. Unfortunately, the number of buyers has not risen to the same extent. Therefore, we must find new marketing methods and bring ourselves in line with the new trends.
"There is a steady and continuous rise in sales of jewelry on the Internet and that is a marketing channel that diamantaires need to use. I bless the managers of the GCI laboratory who saw the idea and pushed it forward and the IDE President, Shmuel Schnitzer, for his ability to recognize the opportunity that this presents and made the initiative possible."
The manager of eBay's business development department in Israel, Elad Goldberg, said: "The diamond sector attracts many Israelis and emphasizes the uniqueness and quality of the products that are exported from Israel. Israeli sellers are regarded as the best and most loyal on eBay globally. They manage wonderful online stores and lead the sales charts. Since last year, the number of Israeli sellers on the site surged by 43%, and we are certain that this new cooperation deal with the IDE will open up more opportunities for additional markets."
Data from eBay shows that wedding proposals with a diamond ring is on a rise and that the wedding proposals of tens of thousands of couples around the world are of rings set with Israeli diamonds.