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Online cash market for diamonds launches

January 28, 2009

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Antwerp, Belgium--The Dealers Organisation for Diamond Automated Quotes (DODAQ), an online exchange that allows polished diamonds to be globally traded like other commodities, launched today, according to a release from the site's founders.

The Antwerp, Belgium-based trading platform, available at Exchange.DODAQ.com, offers two-way auctions for individual categories of polished diamonds, creating real-time spot prices and a cash market for diamonds. It also creates price transparency and, according to the release, allows the market to decide fair value, just as markets for stocks, currencies and other commodities are determined.

In addition, DODAQ is open to everyone, both inside and outside the diamond industry, which allows the stones to be recognized as an investment opportunity, like gold. The site gives potential investors a cash entry point into the market, as well as a place to resell the goods.

Partnering with DODAQ on the site are ABN AMRO Bank and security company Malca- Amit.

According to DODAQ Chief Executive Officer Simon Okuniew, ABN AMRO handles all client funds and offers instantaneous payments, steering the industry away from its reliance on credit.

"DODAQ is a cash market," Okuniew said. "For us to guarantee settlement, we need to be satisfied that the diamond is real and this is achieved through certification. The system calls for the original certificate, which will then be checked to verify that the certificate and diamond match. They are then sealed so that at no stage can they be handled. The diamonds are then sent to our specialist vault in the Freeport of Geneva, which is run by our professional custodian Malca-Amit, one of the most respected security and storage operators in the world, with a 21-year proven track record."

DODAQ is offering Webinars for anyone who wants to know more about the site. Webinars can be arranged by visiting DODAQ.com, which also contains a simulator version of the exchange. Visitors wishing to know more are also welcome to view a live demonstration at DODAQ's Antwerp offices.
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