Introduction: Why Rough-Diamond Sales Changed Forever
In the latest Rapaport Diamond Podcast, Adam Schulman, founder and CEO of Koin International, explained how tenders and auctions reshaped rough-diamond sales. Before tenders became common, miners relied on informal, over-the-table deals. As a result, prices often stayed flat and buyers controlled the market.
During the conversation with Joshua Freedman, Schulman shared how competition improved transparency and why miners now prefer tenders. Because of these changes, auctions and tenders dominate the global trade today.
From Private Bags to Transparent Tenders
For decades, dealers bought rough diamonds in closed rooms, carrying bags of stones and making quick offers. While this approach worked for some, it lacked transparency. Therefore, Schulman saw a gap in the system.
- 2005: He co-founded Fusion Alternatives with I. Hennig. Since it was the first independent tender platform, it allowed small and mid-sized miners to reach more buyers.
- 2015: He launched Koin International to expand the model. After its success, tenders became the preferred sales method.
- Today, over 70% of rough diamonds are sold via tenders or auctions.
At the same time, De Beers and Alrosa continued their sight system. Yet miners shifted toward tenders because they could secure stronger competition and higher prices.
Learn more: How Diamond Auctions Work.
Q&A with Adam Schulman
Q: Why did tenders change the market?
A: Before tenders, miners often had no choice but to accept fixed offers. After tenders gained traction, they attracted hundreds of buyers and achieved 10–15% higher prices.
Q: Why did Koin relocate from Antwerp to Dubai?
A: “During Covid-19, Antwerp became difficult for global access. Meanwhile, Dubai offered lower tax, better logistics, and faster growth,” Schulman explained.
Q: Are tenders the new standard?
A: “Yes. Over time, tenders proved more transparent and competitive, so miners prefer them.”
The Business Impact of Tenders
Because miners wanted fair pricing, tenders delivered results. For example:
- In early Koin tenders, small miners gained 20% more revenue compared to direct deals.
- Dubai now accounts for 40% of global rough-diamond trade, proving its rise as a key hub.
- Koin hosts more than 20 tenders each year, drawing buyers from India, Belgium, Israel, and the UAE.
See also: Why Dubai Became a Diamond Hub.
Adam Schulman Beyond Diamonds
After years of building Koin, Schulman still finds time for his passion: photography. While leading diamond tenders, he also captures wildlife across deserts and safaris. His work appears on Instagram at @adam_s_photography.
For inspiration, explore Gemstone-Inspired Photography.
Adam Schulman, CEO of Koin International, joined the Rapaport Podcast to explain how tenders and auctions changed rough-diamond sales. From Antwerp to Dubai, the shift introduced transparency, competition, and better prices for miners. Today, auctions dominate because they bring more buyers and fairer results.
Suggested Reading:
Guide to Diamond Market Trends
History of Rough-Diamond Trading
India Regional Cultures: A Complete Diversity Guide
India regional cultures are as diverse as its landscapes. This guide explores traditions, languages, and unique identities across the country. India Speaks FAQ on regional cultures reveals remarkable diversity across the subcontinent. Each state tells a unique story of tradition, heritage, and identity.
This India Speaks FAQ on regional cultures explores how geography, history, and local customs shape the cultural differences across India’s states and territories.
Understanding these regional differences helps you appreciate India’s true cultural richness.
What Makes India’s Regional Cultures Unique?
Each state develops its own distinct language, cuisine, and customs over centuries. Local history shapes traditions and daily life. Geography influences everything from clothing styles to building designs and lifestyle choices.
Examples of regional adaptation:
- Kashmir’s wooden homes with sloped roofs handle heavy snowfall
- Kerala’s houseboats work perfectly with extensive waterways and monsoon climate
- Rajasthan’s thick-walled buildings stay cool in desert heat
These regional adaptations show how different communities respond to their environment while keeping cultural identity.
How Do Regional Foods Reflect India’s Cultural Diversity?
Regional cuisine connects directly to local climate and crops. Coastal regions favor rice cultivation and seafood preparation. Northern states rely on wheat-based breads like roti, naan, and paratha.
Cooking methods vary significantly across regions:
- Mustard oil dominates Bengali cuisine
- Coconut oil is essential in Kerala cooking
- Ghee remains the preferred fat in Rajasthani dishes
When you travel across India, pay attention to these culinary differences. They reveal stories about the land, climate, and cultural preferences. India Speaks FAQ on regional cultures shows these food traditions matter.
Why Are Languages Central to Regional Identity in India?
India speaks through 22 official languages and hundreds of regional dialects. Each language carries unique cultural meaning. Language shapes traditional songs, folk tales, religious festivals, and social customs.
Language examples and their cultural significance:
- Tamil expresses the rich Dravidian heritage of South India
- Punjabi reflects Sikh traditions and agricultural lifestyle
- Bengali carries the literary legacy of Nobel laureate Rabindranath Tagore
- Hindi serves as a connecting language across northern states
Learning even a few local words helps you connect with regional communities. It shows respect for local culture.
What Role Do Festivals Play in India’s Regional Cultures?
Festivals serve as powerful expressions of regional identity. They bring communities together through shared traditions and celebrations. Each region celebrates differently based on local customs, crop cycles, and religious practices.
Regional festival examples:
- North India illuminates Diwali with millions of oil lamps and fireworks
- South India honors Pongal with harvest rituals celebrating farmers and nature
- West Bengal transforms during Durga Puja with art installations, classical music, and community feasting
Each festival reflects the unique cultural values and historical experiences of its region.
Which festival would you want to experience firsthand?
How Does Traditional Clothing Vary Across Indian Regions?
Climate conditions and available resources influence regional clothing styles across India. These variations demonstrate practical adaptation to different environments while maintaining aesthetic preferences.
Regional clothing examples:
- Rajasthan’s desert climate inspires bright turbans, flowing skirts, and mirror-work textiles that reflect heat
- Kerala’s humid tropical climate favors white cotton sarees with golden borders worn during festivals
- Nagaland’s mountainous terrain produces distinctive shawls featuring tribal symbols and geometric patterns
Each style represents clan identity and cultural heritage specific to its region.
How Do Regional Crafts and Arts Represent Cultural Identity?
Traditional crafts carry centuries of accumulated skill and cultural meaning. They serve as living expressions of regional identity. These art forms express creativity through traditions passed down through generations.
Regional craft examples:
- Bihar’s Madhubani paintings feature mythological themes and geometric patterns created by women during festivals
- Kerala’s Kathakali dance combines dramatic storytelling, classical music, and elaborate costumes
- Odisha’s traditional metalwork, particularly brass and bronze artifacts, carries deep ritual meaning in temple worship
Supporting these regional crafts helps preserve cultural heritage. It provides sustainable livelihoods for traditional artisans.
Why Should You Explore India’s Regional Cultures?
Exploring regional cultures offers experiences beyond visiting monuments and tourist attractions. You engage directly with daily life, authentic cuisine, and living languages.
Regional travel provides meaningful context rather than surface-level tourist highlights.
Benefits of regional cultural exploration:
- You connect with local communities on a personal level
- You taste authentic dishes prepared with traditional methods
- You hear regional languages and dialects in natural settings
- You witness festivals and ceremonies as they happen in daily life
Each regional visit deepens understanding of India’s diversity. It helps you appreciate how different communities adapt to their environments while keeping distinct cultural identities.
India Speaks FAQ on regional cultures demonstrates what makes the country culturally rich and endlessly fascinating for travelers and cultural enthusiasts.
Which region would you choose to explore first?