DODAQ is the world’s first online diamond exchange. And when ‘world’s first’, ‘online’ and ‘diamond’ come together in a sentence, I’m always going to raise an eyebrow, because such a combination is kind of groovy.

Although I’m no expert in the finer details of diamond exchanging, I’m absolutely down with the basics. And it is these that DODAQ appears to deal in. Acting as a sort of trusted third party, the site provides a “seamless transaction between you and other participants, guaranteeing that the physical and monetary transfer is executed instantaneously.” Which, I imagine, is exactly what online diamond dealing requires.

TechCrunch locks onto what is the big deal for the industry. Currently there is no fixed, reliable price for polished diamonds. This lack is what DODAQ is aiming to address, presumably becoming the standard for shifting the pinnacle of precious stones.