HKADE launches online diamond marketplace
Hong Kong entrepreneur Shih Wing-Ching and the Hong Kong Accredited Diamond Exchange (HKADE) have launched the world’s first online peer-to-peer (P2P) global diamond marketplace.
The platform draws on the exchange’s verification service and offers non-physical settlement.
“There is a big gap between the retail price and resale price of diamonds,” says Shih. “This is because information about the diamond market is not always clear. But if we directly connect buyers and sellers through the internet, this price gap can be greatly reduced.”
He says the value of diamonds is not being fully realised, but when the resale market is well established, the investment value, resale value and earnings potential should increase.
“In turn, the demand for diamonds across all markets will go up. It brings good news to jewellers who already have tough competition in the industry.”
The diamond marketplace follows P2P platforms like AirBNB and Taobao which benefit the public through disintermediation. But for the jewellery industry, end-user-to-end-user connection usually involves little quality control or even authenticity.
HKADE’s secure storage service is tailored for potential investors.
“Every diamond we store comes with a Safe Keeping Receipt (SKR), which can be instantly verified online as proof of asset ownership,” says HKADE co-founder Cherry Leong. “SKRs not only include all verification data of the stone, but also a 360-degree video of the diamond, serving as a photo ID.”