Launched in January 2011, the DDC Secured Online Trading Platform represents a groundbreaking development in the international diamond trade. For the first time ever, an official diamond exchange has established an online trading floor, and so has provided its members the opportunity to buy and sell diamonds with the full authority and protection that traditionally has been provided by a diamond exchange.
Access to the DDC Secured Online Trading Platform is available only to DDC members in possession of a user name and secure password. However, together with the launch of the online trading platform, the DDC has established a new class of membership that will enable gemstone and jewelry professionals who reside outside the New York City area to become part of the largest and most established diamond exchange in the United States. From the comfort of their own businesses and homes, and even while on the road, DDC Web-Trader Members will be able to buy and sell diamonds 24 hours a day, seven days a week.
Like full DDC members, DDC Web-Traders are provided access to the DDC internal judicial system, which allows for the rapid and equitable resolution of any trade dispute. The DDC arbitration system, which is recognized by the Supreme Court of the State of New York, has been a cornerstone of the American diamond trade since the DDC was established in 1931.
Supply and payment secured by the DDC
A key feature of the DDC Secured Online Trading Platform is that the DDC secures both payment and delivery of merchandise for transactions that are completed online. This is made possible because DDC members using the platform have established credit worthiness with the DDC by providing financial guarantees.
Many of the web-traders are Bonded Members, who establish their credit worthiness by providing the DDC with underlying securities. Business conducted with members who are secured by a DDC Bond are assured payment as long as the transaction is done through the system, under the terms and conditions of the DDC’s bylaws and all pertinent rules and regulations.
Each Bonded DDC Member has an established Club Credit Line, which is clearly displayed when he or she does business. Suppliers are clearly aware of the buyer’s level of credit worthiness when the buyer requests a stone.
Transactions involving non-bonded buyers are not guaranteed by the DDC, but the system indicates the buyer’s non-bonded status, thus enabling the supplier to establish some other form of credit security.
Features of the DDC Secured Online Trading Platform
- Guaranteed availability: The platform is not just a listing service. Inventory is constantly refreshed for availability.
- Rapid availability: Diamonds may be either picked up at the DDC or shipped by the DDC directly to buyer’s location on the very same day the of a buyers request.
- Diamonds exclusive to the DDC: Diamonds only available to DDC members are indicated, and the buyer can be assured that the stone listed is not available on any other consumer site. This important lets retailers know that they can charge full price for a stone.
- Private viewing: Diamonds may be picked up and viewed at the DDC in a private section of the Club.
- Inventory Upload: The DDC Secured Online Trading Platform has a special feature that enables suppliers to upload inventory at any time, directly from their desktop.
- Quick and easy search: The website is user friendly. Diamonds can be located quickly and search criteria may be saved in order to repeat a search at a later date.
- Buy requests: All buyers may request diamonds in the event the diamond is not located on the site. The requesting member will receive an alert when the stone is available at the DDC for examination and pick up.
- Bidding on a stone: When a buyer selects a diamond, the or he or she can make an ‘offer’ on the stone. The offer is then conveyed through the system and if accepted, the diamond will be delivered to the buyer by the DDC.
- Matched pairs: For buyers looking for a matched pairs or layouts, the DDC Secured Online Trading Platform has the ability to select stones from a variety of suppliers to meet the criteria. Stones may be viewed and studied before purchasing.
- Worldwide connections: Merchandise listed on the DDC site may be from India, Israel, Belgium and other diamond producing countries, thereby providing the best chance of securing merchandise at the best price.