Israel Bourse Strikes Deal with Alibaba

RAPAPORT... The Israel Diamond Exchange (IDE) will launch a partnershipwith Chinese e-commerce giant Alibaba Group, enabling traders to sell goods onlineto businesses and consumers in global markets.Some 150 bourse members have formed an online store thatwill sell diamonds on the retail site, IDE president Yoram Dvash said in aninterview with Rapaport News Wednesday. Starting February 6, the business - operating out of a room inside theexchange in Ramat Gan, Israel - will sell to jewelers and dealers, beforeextending the service to consumers after a few months. "It's a big jump for us,"Dvash said. "You don't need expansion or offices, or to fly over. You havehundreds of millions of potential customers." Transactions on Alibaba'sretail marketplaces totaled $547 billion in its last full fiscal year endingMarch 2017, the company reported. The deal is similar to anarrangement the IDE has with online diamond retailer James Allen, under whichbourse members group together to supply goods for the e-commerce company tosell.Image: alibabagroup.com