This startup is changing the way wholesale diamonds are bought and sold.
Worldwide, the diamond market is nearly $100 billion. And yet the 14,000 jewelry stores in the US still largely do buying the old-fashioned way — by telephone calls to a handful of trusted diamond merchants that they have built relationships with over the years.
A new startup named Liquid Diamonds is changing that. Their platform is bringing the wholesale diamond business into the digital age, making the procurement process dramatically more efficient for both buyers and sellers.
For sellers, they are able to reach new buyers more efficiently. For buyers, they can buy from hundreds of suppliers and negotiate better prices. But most importantly, the Liquid Diamonds platform handles the whole process from vetting accredited suppliers to physical inspection of the product as well as an escrow service.
The company is located in NYC and Mumbai (most of the world’s diamonds are cut and polished in India), and backed by leading investors.
Across many sectors today, digital marketplaces have changed the way wholesale goods are bought and sold. Liquid Diamonds takes the digital marketplace concept to the next level, providing buyers with a full-featured SaaS platform for the entire procurement process, bringing new efficiencies to a multi-billion-dollar global market.
Liquid Diamonds will be presenting at Demo Day for the 4thly Startup Accelerator on July 7th.