New York—Digital marketplace Virtual Diamond Boutique has launched a new app for business-to-business industry auctions.
VDB Online Auction House offers the trade a third-party platform to sell their goods directly and to connect with new retail partners.
With an integrated search functionality, bidders looking for a specific type of product will be able to input search criteria to find what they need prior to bidding instead of having to search through every item up for auction.
The app is free to use for buyers/bidders, but those interested in hosting an auction of their own goods will have to pay a fee, VDB said, which will depend on factors such as the number of items, length of auction, and type of marketing behind it.
The platform will launch with a lab-grown diamond auction, which comes as part of a series from lab-grown supplier Mercury Ring.
The first group of 1,000 high-end, loose lab-grown diamonds, weighing 1 carat or more and certified by IGI, and lab-grown diamond jewelry will be auctioned from Nov. 8-10.
Following that, VDB will host a second Mercury Ring auction on the app in December followed by another in late January.
VDB said the technology currently works for diamond auctions (lab-grown or mined), colored stones, and finished jewelry, but added that because it has its own development team, it can work with suppliers to customize its technology to support any type of auction.
“VDB is always looking for ways to connect buyers and sellers in a trustworthy environment, using our cutting-edge technology for ease and efficiency,” said VDB President and CEO Tanya Nisguretsky.
“VDB previously launched
a successful virtual auction app for the Jewelers for Children charity during the pandemic. Now, we have created an independent platform with no middleman that will facilitate relationships, strengthen the supply chain, and create more business for all involved.”
VDB said all users will be vetted but added that Online Auction House will soon link to the VDB marketplace app to streamline the approval process since many are already registered there.
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