We get by with a little help from our friends. Yes, that’s a line from a famous Beatles song, but it’s also the mantra for those in the diamond business looking for knowledge, inspiration and connections. And where’s the best place to find “friends” in your business? The answer shouldn’t surprise you – a diamond market community powered by data.
These days, 41% of people spend most of their time online with colleagues in professional networks. Joining a community dedicated to all things diamond, like the online diamond trading network nurtured by RapNet, provides a unique place to find current market information and exchange ideas with people as interested in diamonds and diamond jewelry as you are.
Here are the top 7 reasons people cite for joining an online diamond trading network:
1. Accessing Pricing Data
You need reliable pricing information to know that not only are you getting the right deal, but also to maximize profit margins on a daily basis. By joining a network that revolves around benchmark pricing data and real-time asking prices on diamonds, you get the intelligence you need to confidently negotiate any and all diamond purchases.
2. Gaining an Economic Perspective
Understanding the forces at work in the global economy is important for diamond buyers and sellers throughout the supply chain. By having the ability to evaluate the factors that determine the production, distribution and consumption of diamonds, you are better able to make decisions. The right online diamond trading network gives you access to raw economic data and helps you understand what it means for your job and your business.
3. Technical Experts
If you’re looking to learn more about grading, synthetics, polishing, mining or other area outside of your core competency, a community of experts focused on every aspect of the diamond business is a great place to start. The right online diamond trading network will be made up of a robust variety of experts from all over the world.
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4. Tapping into Market Trends
Retailers can use a diamond trading network to communicate with their peers and get information on the design trends and market innovations that will delight customers and inspire them to come back for more.
5. Find New Suppliers
One of the biggest reasons people cite for joining a diamond market community is to find new sources for the diamonds that drive their business. The people are there. There’s no need to start looking from scratch. There is a wealth of diamond members in the community that are trading amongst each other. Being able to investigate vetted companies, chat with representatives and learn what they’re about will help you decide who you want to work with.
6. Connect with Customers
With access to a community of diamond buyers and retailers, suppliers can quickly find new customers and expand their presence without geographical limitations. Many use these communities to solidify relationships, build their networks and increase sales in an extremely cost effective manner.
7. Source Solitaires
Buyers often frequent a diamond market community with an online trading feature to quickly find solitaires that match specific customer requests. Because pricing on these sites is transparent, buyers can quickly get the exact diamond they need at a price that fits their model. These sites are a great way for suppliers to find buyers for their extra inventory.
Online diamond trading networks can be a great source of inspiration – for building your business and your professional credentials. Just remember, joining a community is a lot like going a gym – the more you work at at, the bigger the benefits.
What’s your favorite reason for connecting online? Let us know in the comments below.