World’s first ever Online Auction Rental Portal will be launched in IJT 2021, Japan and worldwide. It is an online portal where auctioneers and bidders can rent a space to patronize auctions for luxury products such as diamonds, luxury handbags, sunglasses and the likes. The idea of virtual auctions, as per Our CEO, Jain Monika, was thought over after the wrath of global pandemic on the diamond auction industry. Both auctioneers and bidders were hard hit by the social distancing norms and unsafe public environment. Hence, in an endeavor to find the best alternates to keep the business up and running, virtual auctions seemed the most plausible solution. The format of the website is fairly understandable and easy. Auctioneers can register themselves and create their own personalized auctions, while bidders can pick the auctions they wish to participate in. Online rental auctions are speculated to reduce the costs to 1/4th, besides giving you the comfort of attending auctions from the comforts of your home. And above all, they have shrunk the international borders for participants and create a single, global portal for everyone dealing in the luxury goods bizz.