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Press FAQs
Q - What is DODAQ?
- DODAQ is the first online certified diamond exchange transforming the polished diamond industry from its existing weekly price sheet standard to a real time, automated pricing mechanism.
Q - Who owns DODAQ nv?
- DODAQ is privately owned by a number of experienced investors.
Q - Why are you based in Antwerp?
- Antwerp is the original historical centre for the diamond trade and thousands of diamond companies are situated in the city’s diamond district.
Q - What are the costs?
- DODAQ charges a 1.5% commission charge on all transactions.
- There is also a small vaulting fee which is charged per day.
- All transportation costs to and from the vault are at the cost of the customer.
Q - How do you guarantee payment and diamonds?
- DODAQ is a real cash market, so to guarantee instantaneous settlement, we have to ensure that the diamond is real and as published .
- Therefore, we have to vault the diamonds together and ensure that once sealed are never handled.
- In order to do this we work with Malca-Amit who have 21 years experience working within the diamond industry with an impeccable track record. 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 is held in a 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.
Q - Isn’t every diamond unique?
- Over the past years certifying goods has become an industry standard.
- In the high volume sections of the industry, namely round 0.30 - 2.00 carats, at least 70% are certified and this figure is growing.
- The diamonds are being polished using the same methods and due to their size have effectively become standardised.
- By standardising these diamonds we are realistically able to call them a commodity and therefore can start trading them as such.
- The introduction of these certificates by recognised grading laboratories has allowed many polished diamonds to be traded based on certification without the necessity for physical inspection. This means diamonds can now be rightfully seen as a tradable commodity.
Q - What assurances do you offer to those who trade with you?
- DODAQ is an NV which means that we are a public limited liability company and we are incorporated in Belgium. Being an NV is only permissible for companies fulfilling certain capital requirements.
- Our business is conducted in accordance with all the regulations under Belgian company law and we report in a manner consistent with Belgian GAAP.
- All money is held at ABN AMRO Bank's specialist Diamond division which is one of the most respected and established banking names in the diamond industry as well as having some of the most stringent compliance procedures of any bank.
- All diamonds bought, sold or held through DODAQ are stored by Malca-Amit, one of the most respected diamond logistic service providers in the world with a 21 year proven track record.
- All diamonds published on the DODAQ platform have first been graded by a recognised gemological grading laboratory and are received with their original certificates. They are then checked to ensure that each diamond is with its correct certificate and then sealed before entering into the DODAQ vault. There are strict guidelines which determine the eligibility of those wishing to issue new diamonds onto the exchange.
- DODAQ is backed by experienced private investors.
Q - How can you be sure to avoid conflict diamonds?
- DODAQ adheres to a strict guideline for allowing issuance on the DODAQ exchange.
- All issuers (those able to send diamonds to the DODAQ vault) must be members of the World Federation of Diamond Bourses (WFDB).
- In this way we can be certain that all diamonds received by DODAQ have been passed through the Kimblerly Certification Process and so avoids the possibility of unscrupulous individuals using the exchange for fraudulent purposes.
Q - Why would someone want to invest in diamonds?
- Diamonds offer an investment in a real item which holds an intrinsic value.
- A diamond is tangible and therefore will never become worthless such as a stock or paper investment.
- In this current economic climate, which has proved the instability of perceived valuations, many investors are seeking a safer more tangible means for using their money.