IDEX Online, a leader in the B2B diamond industry, has introduced a new Buy Now Pay Later (BNPL) service for its accredited customers. This service allows retailers to obtain near-instant financing for diamond purchases.
As a top marketplace for polished diamonds, IDEX Online regularly lists over 75% of the global polished diamond supply. This means retailers can maintain zero inventories while accessing a comprehensive inventory of diamonds worldwide.
The BNPL service features competitive interest rates and flexible credit terms. Customers can quickly start using the service, with credit typically available within a few hours*.
This launch follows a significant upgrade to IDEX Online’s platform and the introduction of the “IDEX Financing” suite in March 2024. These developments aim to enhance value for industry players and support the digital transformation of the diamond market.
Anish Kuriakose, Managing Director for IDEX Online EMEA, commented on the challenges retailers face regarding cash flow. He noted that many struggle to finance purchases before selling finished jewelry, largely due to traditional banks’ hesitance to provide funding in this sector. The new BNPL service addresses this challenge and facilitates a faster shift toward online commerce.
Kuriakose emphasized that IDEX Online invested time in creating a user-friendly service with competitive credit rates and quick onboarding. He expressed excitement about the positive feedback from customers and anticipates continued growth for the company, driven by this initiative and other strategic moves.
These changes mark a promising time for IDEX Online as it enhances its offerings in the diamond industry.
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