On June 21, the Diamond Dealers Club of
New York announced the start of a new member service, designed to
enable diamond dealers to manage the return of shipments of high-value parcels
of diamonds, including goods supplied to clients on memo.
Called Boomerang, the
service permits the sender of high-value parcels to pre-select the return
carrier, class of service, return address, and return insurance amount when
preparing the outbound shipping label. It is being offered through the DDC’s alliance with TransGuardian.
“This is a solution to a
major problem in the diamond industry,” said DDC president Moshe Mosbacher in a
statement. “Diamond dealers send a large percentage of their goods out on
consignment, or memo, as we call it. Unlike jewelry or precious metals, a buyer
often needs to inspect diamonds visually to know if they will meet his or her
client’s needs. Consequently, about 50 percent of all outbound shipments come
back in the normal course of dealing. To date, dealers have struggled to ensure
that prospective buyers had a secure means of returning goods. This new service
provides the dealer with real control.”
With Boomerang, pre-set
return label parameters are embedded in the packing slip that accompanies the
outbound shipment. When an insured return is required, all the consignee needs
to do is log in at Boomerang.transguardian.com and follow instructions. The
consignee then gives the package to his mail carrier or FedEx, UPS, or OnTrac
courier, and the parcel can be sent back securely to the original sender.