Editor’s Note
This article highlights the persistent inefficiencies in the global jewelry supply chain, where fragmented sourcing creates significant hurdles for retailers. The excerpt underscores the costly and unreliable nature of traditional procurement, setting the stage for a discussion on potential solutions to streamline this complex market.
In a highly fragmented global jewelry industry, sourcing precious stones is an extremely difficult undertaking for retail buyers. Jewelers typically need to contact various sellers, often with no guarantee of available stock. Shipping and transaction costs add further hassle, especially with international suppliers.
James Morgan, Chief Product Officer at B2B jewelry marketplace Nivoda, told PYMNTS in a recent interview. Morgan, who previously led Amazon’s Prime program in Europe, stated that helping businesses overcome these challenges motivated Nivoda’s launch in 2019, with the goal of becoming “the everything store” for the global gems and jewelry market.
Today, the platform lists nearly 2 million diamonds and gemstones from suppliers in over 60 countries. Suppliers upload their selection, including certifications, pricing details, and 3D videos and images.
he said.
To streamline the process, Nivoda handles all fulfillment internally, including logistics, fintech, and operations. Morgan said this strategy has made the process easier, simpler, and more cost-effective.
he explained.
Morgan stated that the key to a simple yet effective marketplace is optimizing platform software and process automation through multiple third-party partnerships.
These partnerships extend to payments, where Nivoda offers flexible 30 to 60-day terms through in-house solutions and embedded finance providers. Collaborations with insurance firms facilitate seamless transactions and deliveries, using API integration for swift indemnification.
Nivoda has also begun collaborating with virtual wallet providers, an important move given its global customer and supplier base. Morgan noted this helps mitigate complexities, reduce transaction costs, and streamline cross-border transactions.
Morgan noted.
Collaborations with certification institutes like the Gemological Institute of America (GIA) and the International Gemological Institute (IGI) are significant for Nivoda’s business model and serve as a cornerstone for building customer trust.
GIA’s plans to transition all paper reports to digital by 2025 align seamlessly with Nivoda’s digital-centric approach.
Looking ahead, Morgan pointed to the U.S., which holds about 60% of the global diamond market share, as a key focus. The UK-based company anticipates significant returns from payments and fintech investments made there over the last 12 to 18 months.
he said.