(IDEX Online) - Former IGI head Jerry Ehrenwald has launched a laboratory grown diamond exchange and price index. The Laboratory-Grown Diamond Price Index will use market data from LGDEX.org to publish cash asking prices.
The Index will be prepared in collaboration with the GemGuide of Gemworld International.
"My purpose in establishing the Laboratory-Grown Diamond Exchange is to have an accurate and reliable database of asking prices from all players involved in this emerging industry," said Ehrenwald.
"As a longstanding professional gem and jewelry appraiser, the need to factually substantiate the cash value of laboratory grown diamonds is of the utmost importance."
To ensure authenticity, any reports and descriptions will be accepted upon verification by independent third-party gemological labs. Following the evaluation, the lab will send this confirmation and the purchased diamonds in a secure, sealed box to the buyer via overnight delivery.
Uploading diamonds to the exchange is free. Once a sale goes through, both the buyer and seller pay a 2.5-percent transaction fee.