Diamond Exchange

[Garry H (Cut Nut)]

Hi again all,

On the topic of 'Virtual Diamonds', for some people this may have been the case but these virtual diamonds are the same ones sold on Pricescope by MOST of the companies. In my case I was too scared and cautious (funny in hindsight yes?) to buy from Pricescope all the way from Australia because the companies wanted cash up-front - so I called Diamond Exchange with the exact stone, sizes, GIA number etc and asked them to be a middleman and get that exact stone. I gave them some money on top of the cheapest pricescope price for their service. This was a stone on their website also so I knew it was a 'virtual stone' to begin with but I thought this method gave me more SAFETY that buying through and overseas company when having to pay up-front. They had 3 B&M offices, one near my work. I can still laugh a bit about the irony of it all.

MeeG glad you got your rock.

FYI and mostly others reading this - Pricescope does not sell diamonds - it is a platform that allows consumers to compare prices and diamonds from multiple vendors.

 

[GliderPoss]

Oh geeezzzz.... my condolences to all those who have lost their diamonds and are out of pocket. Fingers crossed for a speedy resolution in your favour.

 

[Garry H (Cut Nut)]

Sadly, its all over.
http://www.jewellermagazine.com/Article.aspx?id=1266&h=Diamond-Exchange-closes-owing-$2.5-million

Diamond Exchange owes up to $2.5 million in debts, of which $1 million is owed to customers.

 

[Karl_K]

Sadly, its all over.
http://www.jewellermagazine.com/Article.aspx?id=1266&h=Diamond-Exchange-closes-owing-$2.5-million

Diamond Exchange owes up to $2.5 million in debts, of which $1 million is owed to customers.

That is sad :{

 

[Rae~]

Oh.

I feel so badly for those customers who got caught in this, and will likely have a very difficult time recovering much of the money owed to them.

I wonder if there were warning signs that people could have picked up on earlier? Gary et al.... did you see this coming (much earlier than a cpl months ago, I mean)??

 

[JogiaDiamonds]

I wonder if there were warning signs that people could have picked up on earlier? Gary et al.... did you see this coming (much earlier than a cpl months ago, I mean)??

Yes, as far back as 2005 their financial reports stated:

"As a result of losses incurred by the company and subject to continuing shareholder support being provided, there is inherent uncertainty whether it will be able to continue as a going concern and therefore whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial report."

 

[Garry H (Cut Nut)]

http://www.worrells.net.au/webrepor...ientGUID=6e821248-9a88-4694-91f9-52a7ac74111c

A lot of people on this list.
Very sad

 

[MeeG]

John Buckby owed $420,000. Chief Executive and Director. What a joke.

 

[iota15]

The list is so long....

 

[Garry H (Cut Nut)]

John Buckby owed $420,000. Chief Executive and Director. What a joke.

He is in for another $150k thru JB international!!!

 

[iota15]

Um, some of the Directors of DE have become involved with another site, Diamond Bidz: http://www.jewellermagazine.com/Article.aspx?id=1201&h=Diamond-Exchange-director-sets-up-new-company

I understand they make their living from this trade, but wouldn't it have been wiser to stay under the radar for at least a little bit while Diamond Exchange wraps up?

 

[Rae~]

Apparently Diamond Exchange has now (also?) morphed into "Diamonds For Life". My FI received an email from the sales rep we saw back in August-ish, saying the comany was undergoing a "rebranding" and was now trading as Diamonds For Life. They have a website which is their name (all three words, run together) .com.au .

So.... beware!!!!!!!!!!

 

[Garry H (Cut Nut)]

update....stranger and stranger...

It appears that the Thomas family may have bought the shell or some parts and be relaunching. Thomas's own several B&M stores trading under 2 names.
http://www.jewellermagazine.com/Article.aspx?id=1404&h=Diamond-Exchange-website-goes-live-again

<<<One customer emailed Jeweller, saying, “The Diamond Exchange website is back up and running. How can this be? I was ripped off by these people, and am still waiting to hear if I'm going to get back any of the money that they took from me.”>>>

 

[MeeG]

Seems strange someone reputable (?) would want to get involved. I wonder how much they paid in Goodwill?

Maybe I will give them a call and see if they have my money...if they are crazy enough to buy that site then they may pay me also.

 

[JogiaDiamonds]

I wonder how much they paid in Goodwill?

$275,000

 

[WeddingElle]

Hi Garry,
Do you know if it is safe to purchase online from the Diamond Exchange now that they have been taken over? I have paid a 50% deposit on a diamond ring last week only to find out today all this business about them going into liquidation late last year. I am extremely concerned now after reading the articles and hearing about everyone's bad experiences. I'm unsure what I should do now... Have you heard anything about the new owners?? Any information you have would be greatly appreciated.

 

[Garry H (Cut Nut)]

Hi Garry,
Do you know if it is safe to purchase online from the Diamond Exchange now that they have been taken over? I have paid a 50% deposit on a diamond ring last week only to find out today all this business about them going into liquidation late last year. I am extremely concerned now after reading the articles and hearing about everyone's bad experiences. I'm unsure what I should do now... Have you heard anything about the new owners?? Any information you have would be greatly appreciated.

The family who have been rumoured to have taken over the ashes are sound. The business model is another thing. Australia is a long way in shipping expenses from the major markets where the diamonds sit. Not all vendors of virtual stones are happy to ship here. So I suggest you only consider stones they hold inhouse. They will cost more, but guess why?
if they were worth buying then any company will buy them. If not, then they sit waiting for a dollar driven consumer.

 

[WeddingElle]

Hi Garry,
Do you know if it is safe to purchase online from the Diamond Exchange now that they have been taken over? I have paid a 50% deposit on a diamond ring last week only to find out today all this business about them going into liquidation late last year. I am extremely concerned now after reading the articles and hearing about everyone's bad experiences. I'm unsure what I should do now... Have you heard anything about the new owners?? Any information you have would be greatly appreciated.

The family who have been rumoured to have taken over the ashes are sound. The business model is another thing. Australia is a long way in shipping expenses from the major markets where the diamonds sit. Not all vendors of virtual stones are happy to ship here. So I suggest you only consider stones they hold inhouse. They will cost more, but guess why?
if they were worth buying then any company will buy them. If not, then they sit waiting for a dollar driven consumer.

Hmmm... they have advised me that the diamond will take a week to arrive so it's not in Melbourne. I'm really worried now

 

[MeeG]

Hmmm... they have advised me that the diamond will take a week to arrive so it's not in Melbourne. I'm really worried now


I would be worried too. I hope it works out but please do some research on theses things first. One internet search on the name would have been enough, seeing as they trade over the internet it is the least one can do to check credentials.

I have lost over $3000 that I will never see again. All recent correspondence with the liquidators have pointed to this. They have indicated there is sufficient evidence to suppose illegal activity has happened but nothing will continue unless paid for by creditors, and it looks like not one will receive any money out of the liquidation.

My (strong) advice is...STAY AWAY from Diamond Exchange (Australia).

If you are going to buy over the internet USE PRICESCOPE! Forum and vendors are all great.

 

[Karma Squad]

He is in for another $150k thru JB international!!!

Garry I know this happened years ago but when you say JB International do you mean Jaybee International Pty Ltd? I am investigating John Buckby on a seperate matter and the company Jaybee International Pty Ltd is still trading. I need to know if JB International is one in the same. Thank you

 

[OoohShiny]

Garry I know this happened years ago but when you say JB International do you mean Jaybee International Pty Ltd? I am investigating John Buckby on a seperate matter and the company Jaybee International Pty Ltd is still trading. I need to know if JB International is one in the same. Thank you

@Garry H (Cut Nut)