Tim Goodman, CEO of YourDiamonds.com, chats about the new platform where diamond tech is at the forefront. Yourdiamonds.com, founded in 2018, is a technology start-up providing online software and an auction trading platform for the diamond industry. YourDiamonds.com was conceived to disrupt the traditional auction industry and to create market information and fintech products for the diamond industry generally.
In this podcast, Tim Goodman emphasises the evolution of Blockchain technology in the diamond industry for diamond valuations. As diamonds go through a multistage transformation between the mine and the jewellery store, it is likely to wonder where is your diamond from. Blockchain technology is an invaluable tool for identifying the provenance of your diamond and tracking its path from the mine it’s from to the ultimate jeweller store bringing complete transparency to the diamond marketplace.
Tim is also calling for the industry to submit their Pink Diamonds for first public tender as there has never been a liquid secondary market for Argyle pink diamonds. This will prove to be a democratised platform where anybody can sell or buy a diamond with absolutely minute transaction fees, which will increase the realisable price of the diamond. Tim talks about not just having produced a whole new concept of diamond spot market price calculator where you will be able to work out all diamond valuation factors and get an instant quote, but also about having worked out a way to predict the future wholesale value of diamonds going forward. Tim highlights the importance of diamond technology than ever before as the second-hand market for diamonds is large and expanding, and many retailers do not know how to price them and resell them. These digital technologies were never there before, and Yourdiamonds.com sought to solve these diamond valuation problems to make life a lot easier for the diamond jewellery trade. Listen to Tim Goodman about his fascinating experience and insights into the jeweller industry.