SpiritXchange, an online "wine stock exchange", this week launched a local division in Paarl, making SA the 11th country in which it operates.
The exchange was founded in France a little more than a year ago and describes itself as an interface between volume buyers and sellers of wine modelled on traditional commodities exchanges. It is co-owned by French bank Cr'edit Agricole.
Producers and buyers from countries like Japan, Switzerland and the US use the platform to bid on wines approved by an accredited specialist in value of spirits (SVS), which verifies the origin and quality of the product.
Alan Nelson of local wine estate Nelson's Creek has an interest in the local SVS and says the exchange is a boon to producers. "We did a lot of research into electronic-based wine marketing and believe that this trading tool can facilitate a significant increase in the sale of South African wines abroad."
Producers are paid through the exchange within 48 hours of the conclusion of a transaction, before the wine is shipped.
SpiritXchange says its buyers include traders and agents but also individual restaurants and boutique wine shops.
SA already has a wine futures exchange, GrapeX, which launched a year ago with the intention of providing wine producers with an alternative means of financing. Also active locally are a number of online merchants selling wine directly to the consumer. Among them are Cybercellar.co.za, which has claimed success in marketing local wines in Europe and the US.
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