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Your Account
How do I get started?
There are three steps to becoming a DODAQ participant. This process should take no longer than 15 minutes.
Go to Getting Started and follow it through.
Where are my funds held?
All participants funds are held in a DODAQ client account at ABN AMRO Bank (ABN).
How do I fund my account?
Once registered with DODAQ you can fund your account by electronic payment. Your funds will be held in a USD ($) denominated account at ABN.
Follow the procedure funding your account.
How long does it take to deposit money in my DODAQ account?
Your funds will be available for trading the same day that they are credited to the DODAQ Client account at ABN. Transfers typically take between 1 and 5 days depending upon where they are sent from and by which method.
How long does it take to withdraw money from my DODAQ account?
Providing the necessary security authorisation procedure has been accepted DODAQ will make the transfer within 24 hours of the request. You will normally receive your funds within 1 to 5 days depending upon the destination and method of payment requested. Please note that all transfer charges will be deducted from the gross amount of the transfer.
How do I verify my identity?
To verify your identify you have to choose from a variety of options explained in our Identity verification procedure.
Why can I not use my credit/debit card online?
DODAQ avoids credit in any form. A purchase of diamonds within DODAQ's rules absolutely requires your cleared funds in the DODAQ Client Account at ABN.
Credit and debit card operators guarantee to provide funds in due course, but they hold on to the money and earn interest from it, sometimes for as long as 30 days. During this period merchants only have their guarantee of payment. DODAQ does not accept guarantees of payment, because they expose diamond sellers to default.
Can I get physical custody of my diamonds?
Yes - DODAQ allows physical withdrawal of diamonds.
Does DODAQ charge VAT ?
All transactions on DODAQ are free of VAT or sales tax. All diamonds bought for investment on the DODAQ exchange are held within a storage facility in the Freezone of Geneva, which is not under the fiscal jurisdiction of any country. Therefore, no tax obligation is attracted by any diamond transaction or holding through the DODAQ exchange until delivery is taken to a location outside the Freeport. DODAQ is not responsible for any country specific charges such as Duties, Taxes and VAT.
What are the specifications of our diamonds?
An overview of all diamond categories offered can be found by clicking here.
Can anyone issue diamonds on DODAQ?
DODAQ abides by the Best Practice Principles introduced by the DTC to ensure that best practice is observed in the diamond industry. We are committed to the highest ethical standards and encourage adherence to these principles at all levels of the supply chain down to the consumer.
Who can issue diamonds on DODAQ?
DODAQ is very particular about the source of its diamonds. To be acceptable to issue on DODAQ diamonds must have been received from participants who have qualified the DODAQ Issuer Criteria. Only diamonds supplied sealed with their original grading laboratory certificate are sufficient to merit the DODAQ guarantee of quality which all subsequent owners of any diamond within DODAQ are entitled to expect.
Can I use my diamond as collateral?
There is no specific objection to using DODAQ diamonds as collateral against debts outside DODAQ, but the arrangements have to be concluded between you and whoever requires a charge over your diamonds. DODAQ does not itself become involved in such a situation.
Do I earn interest on funds held in DODAQ?
DODAQ will credit client accounts with any interest accrued on those funds at the applicable rate received from ABN less a margin to cover administration costs.
Can I withdraw my funds at any time?
Yes. Providing the necessary security authorisation procedure has been accepted DODAQ will make the transfer within 24 hours of the request. You will normally receive your funds within 2 to 5 days depending upon your geographical location and the method of payment requested (regular or urgent). Please note that all transfer charges will be deducted from the gross amount of the transfer.
What are the transaction fees for trades?
Transaction fees are competitively priced and are typically no higher than 1.5%. A fee structure has been developed to promote liquidity and offers participants a monthly accumulated rate system, where the higher net value of goods traded reduces transaction costs. If in one calendar month you reach a higher net value of goods traded threshold you will receive a rebate of transaction fees to your DODAQ account. A complete list of the transaction net value thresholds can be found here.
Can I deal by phone?
Yes, although all transactions are executed online through the DODAQ platform we offer a telephone service to assist clients' trades.
Can I pay in cash?
No. DODAQ requires that all incoming monies come from a source which has been validated in the banking world. Each account only accepts monies from its original funding source, and only remits funds back to that source.
DODAQ is committed to avoiding any suspicion that it is a useful utility for money launderers.
How am I paid when I sell?
On matching a sale order your DODAQ account is immediately credited with cleared funds. At the same instant the buyer is debited. The buyer's money was held in the pooled segregated bank account prior to the purchase, and at the instant of trade the entitlement to that segment of the pool transfers to you, just as your diamonds transfers to them. There is no actual bank movement of money.
You can re-invest instantly. You would probably leave your money on account if you were looking to re-invest at some near future date. You can sell and buy repeatedly on DODAQ without ever incurring the cost of a cash settlement to your own bank.
Alternatively you can request payment to your linked account using the process described in “Can I withdraw my funds at any time?”
How is DODAQ's pricing transparent?
DODAQ charges a low fee for both trading and vaulting, and there are no hidden costs. Transaction fees are clearly visible at the point of sale or purchase before the confirmation button is clicked. Both transaction fees and vaulting charges are clearly visible on the statement in the Account section as well. A breakdown of DODAQ’s pricing can be found here.
How are my transactions settled instantaneously?
On matching a sale order your DODAQ account is immediately credited with cleared funds. At the same instant the buyer is debited. The buyer's money was held in the pooled segregated bank account prior to the purchase, and at the instant of trade the entitlement to that segment of the pool transfers to you, just as your diamonds transfers to them. There is no actual bank movement of money.
How are the charges broken down?
Transaction charges are clearly identifiable both on your statement in the Account section, and also on the invoices generated for each trade.
How much does it cost to register?
Registration is free, quick and easy. The process is described here.
Can I buy on credit?
No. DODAQ's efficiencies come about partly through the elimination of the risk of a default by someone who might execute a trade without an available cleared cash balance.
What if DODAQ sends my money to a wrong account?
DODAQ will only ever return your money to the linked account that it originally came from.