New Grape Exchange
VINEX launches wine grapes exchange for industry professionals
The latest VINEX development is a digitised wine grapes trading service, building on the success of its bulk and bottled wine exchanges
The VINEX Grape Exchange is a comprehensive new secure trading exchange that allows growers and producers to offer and source fresh grapes using sophisticated trading methods, prior to each harvest.
This new initiative is an extension of the current global wine trading platform founded by VINEX in 2016; which has grown with industry membership now from 47 countries sourcing and tendering wines. Since release, the bulk wine exchange has offered or sourced more than 750 million litres of wine, grape must, juice concentrate, brandy and spirit, and traded across 19 countries.
The new Grape Exchange utilises the same bulk wine trading methods to enable the business to business trading of fresh grapes. It means that grape growers and buyers from multiple countries (across 7 languages) can use the real-time exchange to offer or source grapes prior to harvest in either the northern or southern hemispheres. The exchange can also be used to gather market intelligence, with VINEX independently publishing price and inventory movements.
Denys Hornabrook, co-founder and managing director of VINEX, said he had confidence investing in the development of the Grape Ex trading technology because of the wide-spread industry interest received since first launching the wine marketplace 3 years ago. Grapes have been traded online via websites for some years - that's not new, but what is an industry-first are the secure trading tools we've developed and the level of detail that's available when sourcing or offering grapes. Coupled with independent market analysis and reporting, the VINEX Grape Exchange has the potential to significantly increase grower and buyer connection, real-time market knowledge and transform current grape trading practices, he said.
The Grape Ex enables pre-harvest contracts to be traded over the 5 months prior to a countries harvest commencing, and then throughout the harvest period. Contracts are subject to site inspection, analysis of the fruit and acceptance of vineyard management documentation. VINEX is supported by 14 regional managers across most of the major wine producing regions.
Like many other agri-commodity marketplaces, technology is playing an increasing role in empowering the market through connection and reporting. We don't expect Grape Ex will completely change grape negotiations and trading practices tomorrow, but certainly, over time it's a new generation tool and a powerful resource that no doubt will play an increasing role in our industry, said Hornabrook.
Benefits for Buyers
- Target specific new sourcing requirements, including quality level, region and/or variety
- Expand supplier base with new grower relationships
- Negotiate one-off price competitive parcels, including Reverse Auction your requirements
- Growers verified and approved by VINEX
All purchase contracts are subject to the buyer's acceptance of the fruit, technical specification, and vineyard documentation.
Benefits for Growers (sellers)
- Transparent, independent reporting of market pricing
- Easily target more buyers and expand your sales opportunities
- Discretely invite known buyers to counter-offer on your supply
- Offer one-off price competitive parcels, including Auction highly sought-after varietals
- Buyers verified and approved by VINEX
VINEX invoices the Grower a service fee on executed trades, applying one commission rate to the gross value of the total contracted supply. In addition, a Buyer's Premium may be invoiced to the Buyer under certain conditions. Your VINEX Regional Manager can assist with more information. The fees schedule and payment terms can be viewed here.
VINEX launched a digitised Bulk Wine trading exchange in March 2016 with the aim to increase market connectivity and transparency and to provide a secure objective framework in which members of the exchange could trade within and across markets. In March 2018, VINEX broadens their services by launching a Bottled Wine trading exchange and expanded into China and Russia.
To date, VINEX has published more than 2,600 daily market insights, news articles, and reports, and provided analysis and market reports on pricing and inventory movements on 82 wines from 9 producing countries. The VINEX Global Price Index (VGPI) tracks the global price movements of Sauvignon Blanc, Chardonnay, Merlot, Cabernet Sauvignon, and Shiraz/Syrah.
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