IDEX Online Introduces a New Suggested Retail Price List for Polished DiamondsNovember 17, 09
IDEX Online Introduces a New Suggested Retail Price List for Polished Diamonds (Diamond SRP)
The new Diamond SRP was endorsed by the World Federation of Diamond Bourses (WFDB). Avi Paz, President of the WFDB says – "The new Diamond SRP is a win-win initiative both for consumers and the trade and it will strengthen consumers' confidence by providing a reliable source of pricing information"
The new price list is derived from IDEX Online’s live database of polished diamonds worth over $4 billion. Using an objective and transparent methodology, it aims to serve the needs of consumers, as well as the trade.
The new price list publication will be governed by a board featuring representatives from all stakeholders - manufacturers, wholesalers, retailers and consumer advocate groups, and will be audited by a third party, one of the world's top accounting firms.
Abraham Stern, CEO of IDEX Online, said, “Leading industry members we consulted with are excited about this new Diamond SRP List, whether full-service brick-and-mortar chains or online retailers such as diamonds.ebay.com.“
Stern added, "Consumers will be guided on the reasons for the level of discounts from the Diamond SRP. This guidance and education will allow consumers to make informed decisions, therefore enhancing the diamond shopping experience.”
Avi Paz President of the World Federation of Diamond Bourses (WFDB) said in a statement, “The goal of the federation is to strengthen consumers’ confidence – transparent pricing mechanism is a great tool in achieving just that and we endorse the SRP diamonds.”
Paz added that "By introducing a data-driven, transparent methodology Diamond SRP list, we not only empower the consumer to make informed decisions, but we help retailers in communicating the value of their offerings.”
Renowned jewelry retail analyst
The object of the World Federation of Diamond Bourses is to protect the interests of affiliated bourses and their individual members, and to further the amicable settlement or arbitration of differences and disputes between the individual members of the affiliated bourses and between the affiliated bourses. In furtherance of this object, it is the aim of the world federation to participate in the promotion of world trade and to encourage the establishment of bourses, with the view of eventual affiliation of all centers where diamonds are actively traded. The WFDB has 28 affiliated bourses in 16 countries with about 15,000 members.
About IDEX Online
IDEX Online (www.idexonline.com) is a leading provider of trading services and content for the diamond industry. IDEX Online's offering includes diamond trading services, objective wholesale pricing information, market trends, and up-to-date industry news and analysis. Founded in 2000 by experienced industry professionals, IDEX Online maintains offices in all major diamond centers worldwide, ensuring a secure, unbiased and user-friendly environment to meet the needs of thousands of traders anytime, anywhere.