GemKey.com Introduces Diamond Center - a Robust Online Marketplace for Loose Diamonds; Largest Inventory of Pre-Qualified, Loose Diamonds

Business Wire, July 31, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--July 31, 2000

GemKey.com, the leading business-to-business e-marketplace for the gem and jewelry industry, today announced the launch of Diamond Center, an Internet retail outlet for buyers and sellers of loose diamonds. The Diamond Center is the first of a variety of product-specific service centers that GemKey.com will be introducing over the next few weeks.

"Diamond Center is an innovative platform for turning the buying and selling of diamonds into a "soft touch" commodity exchange - meaning purchasers of diamonds can buy product without having to physically touch it - relying on the stringent expertise of GemKey.com grading techniques," said Michael Cunningham, CEO and President of GemKey.com. "This will speed up the sourcing process because the grading will already have been completed, allowing buyers to just surf, click and buy."

Diamond Center Features

With a current inventory of more than 6,000 loose diamonds, and an additional 10,000 available for special customer requests, the GemKey.com Diamond Center contains the largest inventory of loose diamonds for sale via the Internet. In addition, GemKey.com's superior merchandising service pre-qualifies and grades all diamonds to ensure Diamond Center patrons are receiving top-quality product at the best price.

In order to make well-informed purchasing decisions, GemKey.com gives diamond buyers detailed information about merchandise including specifications, weights and grades, disclosures, country of origin, mining techniques, stone availability, and gem and jewelry folklore.

Originally established as a telephone operation, Diamond Center is being transferred to the Internet to create a more efficient atmosphere for the buying and selling of loose stones.

Diamond Center is a part of the larger GemKey.com network that houses the largest aggregation of suppliers and manufacturers, and contains more than $500 million worth of merchandise. The GemKey.com community brings buyers and suppliers together to exchange ideas, read original industry news provided by Gemkey Magazine, and participate in e-commerce. With GemKey.com, retailers now have the opportunity to grow their businesses faster and cost-effectively, while suppliers have a larger outlet for selling merchandise.

About GemKey.com

Based in New York City, GemKey.com (www.gemkey.com) is the leading business-to-business e-marketplace for the gem and jewelry industry. GemKey.com is designed to help retailers and manufacturers grow their business quickly and cost effectively via the Internet. In addition to procurement, GemKey.com offers breaking industry news, research, market insight and trend analysis. GemKey.com is a privately held company.