Israel Diamond Exchange Ltd. expanded its existing partnership with Alibaba Group Holding Ltd. as it launched a new marketing joint venture with the Chinese e-commerce giant's luxury platform, Ali Auction, according to an Oct. 18 announcement.
The Israeli diamond producer, trader and exporter said the JV will be launched during the China International Import Expo, which will be held from Nov. 5 to Nov. 10. Seven major Israeli companies will be showcasing their goods to Chinese diamond dealers during the event.
Under the new partnership, IDE will offer diamonds to Chinese customers online through Ali Auction. The exchange said the diamonds will also be sold offline at IDE's national pavilion in Shanghai, as well as at live auctions held once a day. IDE already holds national pavilions in four trade shows in Hong Kong every year, according to the release.
IDE said 30% of its total polished diamond exports go to Hong Kong and China.