CEDEX and IDEX Are Joining Forces to Conquer the Diamond Market

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The CEDEX – IDEX partnership is bound to resonate across the diamond market

On November 27th of 2017, CEDEX and IDEX announced a global strategic partnership that will allow them to make diamonds a more fungible asset. IDEX (International Diamond Exchange) is considered to be the undisputed market leader in the diamond industry, and offers a database of over 700,000 diamonds from all of the major diamond centers around the world. CEDEX, meanwhile, has developed innovative technological solutions to the major issues faced by the diamond industry today.

With the partnership, CEDEX will be able to leverage IDEX’s unparalleled reputation and know-how to reinforce their game-changing technology. At the same time, IDEX will benefit from using the CEDEX technology to better accommodate investors that already use their exchange, and to bring in new investors. The two companies will compliment each other nicely, as IDEX is directed towards B2B exchanges, while CEDEX is designed for B2C exchanges. By joining forces, both companies stand to expand their share of the market while also helping the diamond market to grow as a whole.

Founder and Chairman of IDEX Online, Ehud Cohen, commented on the partnership, saying, “We believe that the diamond industry stands to gain by connecting with CEDEX B2C offerings, vision, and trading models. The integration into the financial world and the transformation of diamonds into a new financial asset class have been a key driving force behind IDEX’s activity since the company’s establishment. Joining forces with CEDEX enables us to better serve our diamond suppliers and traders.”

CEDEX’s co-founder, Ronen Priewer, had this to say about the partnership: “There is no doubt that harnessing IDEX’s diamond suppliers’ data and inventory is a pivotal step forward towards connectivity between the diamond industry and the financial market. By providing analysis driven from the largest available database of B2B diamond transaction records, IDEX enables our proprietary technology, the DEX, to achieve accurate and scientific results making it a unique diamond value benchmark for any financial need. CEDEX – which fosters usage of cryptocurrency CEDEX coin to enable trading in diamonds – is targeting to enlarge the offering through collaboration with IDEX online.”

The DEX mentioned by Priewer is part of CEDEX’s innovative technological solution for transforming diamonds into a more tradable asset. It’s a machine learning algorithm that uses consistent metrics to transparently evaluate diamonds, with an impressive pricing accuracy rate of over 99.5%. The DEX can replace human diamond appraisers by providing a more coherent, efficient and affordable appraisal process.

The DEX is just a part of what CEDEX brings to the table, though. In addition, CEDEX is the first ever Certified Blockchain Based Diamond Exchange. For anybody who’s unfamiliar with blockchain, that simply means that CEDEX will be offering a decentralized exchange that is efficient, secure and trustless. It will allow for general investors and cryptocurrency investors to liquidate and trade in diamonds like any other financial asset.

By combining the DEX with a blockchain based exchange, CEDEX offers a solution to the lack of transparent pricing, lack of liquidity, and lack of fungibility that are currently preventing diamonds from having an innovative financial market like most other major commodities. IDEX recognized the potential of that solution and – through this partnership – helped to immediately accelerate CEDEX’s progress towards making it a reality.

IDEX already boasts a sparkling reputation as the prominent market leader in the diamond industry. They are the leading online diamond trading platform for professional diamond traders located in major cities for diamonds, which include Mumbai, Antwerp, Ramat Gan, and New York City.

More than 7,000 professional traders are actively participating on the IDEX exchange. Impressively, over 75% of the overall supply chain inventory is featured on the IDEX system. All of that has helped to make IDEX diamond pricing products and data one of the industry standards. IDEX’s Diamond Index is widely used and followed in the industry and has been published continuously since 2004, making it the oldest index based on actual listing data.

With CEDEX and IDEX working together, 2018 is shaping up to be a transformative year for the diamond industry.

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