Rapaport buys into The Watch Dealers Network

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Rapaport buys into The Watch Dealers Network

Diamond-list founder gets into electronic watch trading

May 29, 2008

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Las Vegas—The Rapaport Group, known throughout the industry for its diamond price lists, is now getting into timepiece trading with the acquisition of a "controlling interest" in The Watch Dealers Network (WDN), the company announced on Thursday.

Terms of the deal were not disclosed.

Founded in 2007 by veteran watch dealer Avi Soffer, WDN is a members-only business-to-business network providing an electronic marketplace connecting watch manufacturers, professional watch dealers and jewelry retailers.

The network's Watch Wizard program integrates proprietary online trading software with extensive information databases, creating an interactive trading environment in which buyers and sellers are alerted to watch trading opportunities on the fly, via instant messages and text messages as well as e-mail.

WDN has also established a strategic partnership with the International Watch and Jewelry Guild (IWJG), with some 4,000 existing IWJG members expected to join WDN over the coming year and establish a critical mass on the network.

"The Watch Dealers Network will enhance transparency, improve efficiency and create unprecedented opportunity for watch dealers and retailers worldwide," Martin Rapaport, chairman of the Rapaport Group, said in a statement. "We are delighted to enter the watch sector through WDN and look forward to significantly expanding WDN's services and global reach."

Soffer said he was similarly pleased with the Rapaport deal.

"The Watch Dealers Network provides jewelers with an opportunity to increase their sales and profits," he said. "Efficient online trading will improve the availability of watches to retailers."

More details on the alliance were to be revealed at a press conference at the Venetian in Las Vegas on Monday.

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