Diamonds

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New diamond market guide debuts

September 20, 2007

Santa Barbara, Calif.—The Troy Diamond Report, a new, global diamond market guide, has launched this month to serve as a resource for the diamond industry, according to a media release.

Wayne D. Prentice, a former Gemological Institute of America (GIA) resident gemology instructor who has 21 years of diverse experience in the diamond and jewelry industry, has introduced the new report.

According to Prentice, diamonds have entered a new era as a "freely traded global commodity." That seems evident enough, as he follows in the footsteps of other diamond-price indexes from companies such as the Rapaport Group and Polishedprices.com.

"Like gold, diamonds have been and always will be a luxury good used in jewelry, but it will take time for them to evolve into a universally accepted commodity," the release stated. "Gold, on the other hand, is one of the best commodities, a universal constant and accepted 'measure of value.' The buying and selling of diamonds as a precious commodity is now a reality."

The new report is designed to provide professionals with knowledge from a global viewpoint. It analyzes diamond prices from five perspectives to determine value and market trends. The current references are: the XAU "Exchange to Gold" (in one-year moving average); the SDR, the International Monetary Fund's "Special Drawing Rights"; the USD, the U.S. Dollar; the EUR, the Euro of the European Union; and the RUB, the Ruble of the Russian Federation.

According to the report's Web site, using multiple factors is in keeping with the global economy.

"Diamonds are historically pegged to the United States Dollar and therefore floated to everything else," the site states. "This has served the diamond industry well in the past, but in a global economy, other references are essential to gain knowledge, recognize opportunities and to promote and maintain diamond values."

The statement goes on to say that the cost of diamonds has for too long been confused with value.

The new report is meant to provide greater insight on diamond values that translate across markets and currencies, and promote stability.

For more information visit the Troy Diamond Report Web site, Troydiamondreport.com.
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