eBay Partners With the Israeli Diamond Exchange

eBay Inc. Staff

eBay Israel has entered into a first-of-its-kind collaboration with the Israeli Diamond Exchange aimed at expanding the country’s global diamond trade and boosting the online role of sellers of the gems.  More than 450 merchants, all Diamond Exchange members, recently attended the announcement of the unique arrangement at the Exchange Center near Tel Aviv.

Under the collaboration, members of the world’s largest diamond exchange will receive training and support to set up online stores on eBay. They must also meet strict product and service quality assurance criteria, and have necessary certification and references.

Israel’s export sales of the gems are on the rise with polished diamond exports totalling nearly $6.3 billion USD in 2014, a rise of 0.6 percent over the previous year. With sales of engagement rings on eBay witnessing exceptional year-on-year growth, this new alliance seeks to build on that momentum.

Shmuel Schnitzer, President of the Israel Diamond Exchange, believes the partnership will further benefit many of the Exchange’s 3,500 members through exposure to new international shoppers. “They’ll also be able to promote Israeli diamonds, which have gained a worldwide reputation for quality,” he said.

Elad Goldenberg, Head of Business Development for eBay Israel, agrees. “This collaboration with the Israel Diamond Exchange will open up possibilities for accredited diamond sellers to reach greater audiences and markets,” he said.