This start-up ensures safety while purchasing diamonds online

Tweezar is bringing traders and consumers closer together, which should make diamonds cheaper, reports Tech in Asia

“The diamond business isn’t different from other businesses in the respect that the internet has come and shaken things around. Old ways of doing things are rapidly changing. The internet has opened up barriers to information,” says Carlo Rubinstein, founder of Israel-based Tweezar, a start-up that’s trying to disrupt the global diamond trade.
 

Tweezar’s trying to make it easier for diamond traders to communicate with end users in a much more transparent manner. The industry revolves around the six major hubs of Antwerp, Mumbai, Tel Aviv, New York, Dubai and Hong Kong, Carlo explains. All the rough diamonds, primarily mined from several African countries as well as Russia, are sent to these hubs for cutting, polishing and certification. Afterwards they are shipped to different jewellers across the world. Antwerp remains the epicentre of the diamond trade, with approximately 80% of rough diamonds exported to the Belgian city for processing.

Carlo points to the growing penchant of consumers to rely on the internet for information and advice as the primary reason behind his venture. As diamonds are an expensive commodity, people prefer not to purchase online as they need to be reassured on its genuineness and authenticity.
 

Image via Tech in Asia

Tweezar raised $100,00 in a seed funding round last year from angel investors, and Carlo says they’re on the verge of securing series A financing – but that’s all top secret for now. 
 

The start-up is targeting diamond merchants, but there are plans to branch out to other segments.

This is an excerpt from Tech in Asia. You can read the full article here.