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Diamond Internet Retailer Abazias.com Looking to Sell Out.
We noted with interest last weeks announcement by one of our colleagues, online diamond retailer Abazias.com that they have initiated a formal process to explore a variety of strategic alternatives to enhance shareholder value, including a potential sale of their company. In this statement released on January 31, Abazias.com said it retained Cantor Fitzgerald to act as its exclusive financial advisor in order to examine a range of short and long-term options.
Abazias reported that fiscal 2006 sales increased 58 percent to $4.8 million at Abazias, while the company reduced its loss by 68 percent to $139,613.
We can't say that we're surprised by Abazias move. While Abazias claims to list over 80,000 diamonds, few are actually in-house with them but are based on lists that are supplied to them from Manufacturer/Wholesalers. Diamonds are directly drop-shipped to you the retail consumer by the Wholesaler. Buying blind in this way has it's shortcomings as a diamonds brilliance and sparkle cannot be solely determined just from a Lab Grading report.
Today, Consumers shopping the Internet for Diamonds are more savvy and educated about the 5 C's, including a diamonds Cut Quality and are demanding more information from vendors such as Photo's, Cut Quality Analysis, and measurements of light performance. Supplying consumers with this type of information demands considerable investment in technology and manpower.
We believe that with consumer diamond edcuation spreading and increasing that this announcement by Abazias is just the beginning of a shakeout in the world of diamond e-commerce websites and that other drop-ship diamond e-tailers will also soon come to the realization that diamond drop-shipping is a dead-end road and they will either improve their educational services to the consumer which includes in-house evaluation and testing of the diamonds they sell or bail out.
We wish our friends at Abazias.com the very best of luck as they embark on this new initiative.
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