TradersDiamonds Business Update – We are selling a large number of matching diamond pairs

TradersDiamonds is close to 5 months old now and a quick analysis of the diamonds that we have sold so far confirms one of our long held beliefs – that when it comes to buying a matching pair of diamonds, TradersDiamonds offers a huge advantage.

Finding a matching pair is a complicated task. Other then the size, colour and clarity, one also needs to match the table, depth and measurements of the two stones. At the same time you are also trying to get the best possible price. So there are a number of optimization and matching exercise which are in play at the same time.

A jeweller has two options. Either he gets a pair from one manufacturer or tries making a pair from different manufacturers. A manufacturer charges a premium when he offers a pre-matched pair. Also by buying a pre-matched pair you are limiting your options. There are thousands of single stones out there which could be combined to make a better pair and come for a better price. It’s like deciding to book a return journey from the same airline and not exploring option with different airlines.

On the other hand the task of trying to match single stones from different vendors is extremely cumbersome. You start by taking the lowest priced stone from the list of one vendor. Now you need to go through all the other lists which you have, trying to find a diamond which matches this one well on all the parameters. As you need to check for around 7-8 parameters, you will constantly need to keep flipping from one list to the other to verify the details. Suppose you can’t find a pair for the lowest priced stone, which happens quite often, you need to repeat the entire process with the next best stone. For a human being this is extremely time- taking. Throughout the world such optimization exercises have been automated and that is what TradersDiamonds also does for you.

TradersDiamonds puts all the diamonds from different vendors in the same table. It has stones from around 4000 manufacturers, including international ones, which is more than what any trader normally has. It also gives you the option of sorting this table using multiple parameters at the same time. (Check out the ‘how to use search’ on the website to learn how to use multiple sort). Thanks to all this, matching diamonds becomes far easier than any manual process. You get a well matched pair at the best possible price.

And now our sales numbers are proving that this advantage in making matching pairs is not just a theoretical argument. Many of the jewellers, who have started buying from us, first became convinced about our value proposition, when we offered them a superbly matched pair at a great price. It’s quickly becoming one of our strongest selling pitches. In terms of actual figures, more than half the business has come from the sale of matching pairs, which is well above what anyone would have expected.

So in case you are still not convinced about TradersDiamonds, try using it the next time you need to find a matching pair. Compare the pair and the effort involved in finding it, with what you would have done otherwise. We are confident that you will soon become a proponent of buying diamonds online. Sphere: Related Content

Introducing TradersDiamonds.com.

TradersDiamonds.com is the second e-commerce website from CaratLane Trading Pvt Ltd. This comes 8 months after the launch of CaratLane.com, which was India’s first consumer website dealing in loose diamonds and diamond jewellery. The consumer business is up and running and we have managed to change the diamond buying ways of many Indians and some foreigners too. With TradersDiamonds.com, we now plan to change how the diamond trade - the jewellers, brokers and wholesalers go about the business of procuring loose diamonds.

Today, trade members work directly or indirectly with a handful of diamond manufacturers. The diamond options for the jeweller (who is the end customer in the trade business) are limited to the combined inventory of these manufacturers. His price depends on the number of intermediaries between him and the diamond manufacturer. Usually, there are at least two middle-men which results in two more levels of price mark-ups. Procurement involves a lot of back and forth between the buyer and his different sellers before the order can be placed with one of them. This task is cumbersome and time taking.

Life can change for the jeweller with TradersDiamonds.com. He will now have an easy-to-use website where he can simultaneously view the inventory of more than 4000 manufacturers. And that is not all. He can go ahead and place an order and TradersDiamonds will deliver the diamond at his doorstep. The advantages are manifold – more choice, better prices, simple and convenient selection and buying processes and more.

TradersDiamonds.com is restricted to members of the trade only. This is important because the diamond prices on TradersDiamonds.com are trade level prices and far lower than consumer market prices. By restricting access to regular consumer, TradersDiamonds.com ensures that a price differential is maintained between traders’ price and end consumer’s price. It is therefore possible for a trader to buy from TradersDiamonds and compete with even CaratLane.com for a consumer sale. Restriction to trade is ensured by providing user account based access. A verification process confirms whether the potential member belongs to the diamond trade or not.

We have been servicing trade requests for some time now. This was largely done through email and over the phone. The surge in trade enquiries validated our long-held belief that we had a system based on our network of over 4000 manufacturers which could be beneficial not just for regular consumers but for trade members as well. This lead to the conceptualization and subsequent creation of TradersDiamonds.com.

Until now, the benefits had largely been about giving traders a larger choice and better prices. But still the traders needed to come back to us frequently. A consumer requirement involves optimization of various parameters to give the best value for the money spent. This optimization process is iterative and hence the traders kept coming back to us time and again as they tried to find the stone with the best balance of all the parameters. This process was extremely cumbersome. Sometimes the inability to quickly respond to a requirement is the reason for losing the sale.

TradersDiamonds.com will take care of this problem and add to the overall value proposition that we offer. The website empowers the trader with a simple tool which will allow him to instantaneously compare all the available options and respond to customer requirements in almost no time. It is very similar to the way online models have simplified the task of booking airline and railway tickets. We have all the options in front of us and that makes it very easy to decide on the best option.

Online models have forced us to change many of our old ways. We have changed the way we bank, shop and communicate. TradersDiamonds will change the way traders buy diamonds. Sphere: Related Content