Diamond investment is challenging primarily on account of lack of standard benchmark prices across the world. Diamond grading also varies across gemological labs, where a same diamond might be graded on a different scale and fetch different prices. Then there is the challenge of multitude permutations of various cuts, carats, colors and clarity that affect the price of diamonds.
To ease some of these challenges, Wayne D. Prentice – a graduate gemologist and former GIA resident gemology instructor, has developed the DiamondMaster App, which helps investors looks up historical prices of diamonds before making a buying decision.
The App is available for download on the Apple store. It is free to install with one week, six-month and one-year subscription options and provides options to select from 10 cut shapes, 46 weight classifications from 1 point up to 10 carats, 4 grading systems – GIA, IDC, AGS and Russian System (TU) and multiple currencies. The price comparison is shown with a 1 year and 5 year value changes.
The App handles two key challenges effectively – the base price shown by all price lists is the wholesale price. It allows the user to configure a delta price change depending on discounts (for wholesalers) and premiums (for retailers). The second challenge is comparing prices of diamonds against a fixed currency like US dollars. Suppose you see a sharp decline in diamond prices in dollars then it is possible that the dollar value itself has declined and the diamond prices are relatively stable. The App provides a diamond reference that gives a change in value given a diamond shape, color, quality and cut.
Though there have been other apps for diamonds like Check Diamond Price by My Jewelry, Diamond Price Calculator by IGEARS, RapNet – Diamond Trading Network, DiamondMaster is the latest one to roll with its new features.
As the industry is becoming modern with online retailers, technological advancement in assessment tools, this App is a step towards encouraging diamond investments with aid of technology. Hope we see more such smart technology from industry experts.
[Cover Image Courtesy: Wayne D. Prentice, DiamondMaster]