Tel Aviv–A new global organization launched Wednesday that will focus on tracking prices and supporting sales of fancy color diamonds, particularly yellow, pink and blue stones.
Initiated by third-generation diamantaire Eden Rachminov, managing owner of Rachminov Diamonds and author of The Fancy Color Diamond Book, the Fancy Color Research Foundation, or FCRF, is a nonprofit global membership organization. The focus of the organization is primarily the commercial side of colored diamonds, the pricing and selling, and not the gemology.
Rachminov said one of the main tools the FCRF offers it members is the Fancy Color Diamond Index, a chart tracking the prices of blue, yellow and pink diamonds that dates back to January 2005. Though a general version of the index is visible on the organization’s website, members have access to secure area of the site that contains more detailed data.
He said the index is designed to provide objective, historic pricing information to retailers when deciding whether to buy a certain color diamond or just take it on memo.
And, while the FCRF is in no way an investment vehicle, the index also could be used as a guide for investors considering sinking their money into fancy colored diamonds. Prices paid for the stones have increased substantially over the past few years.
The FCRF’s index shows that pink diamonds, for example, have appreciated more than 300 percent since January 2005, and a high-end diamond dealer recently told The Telegraph that his business has “gone mad” with pink diamonds as the wealthy scramble to sink their money into the stones.
Rachminov said the FCRF also is designed to provide retailers with information and talking points on selling fancy color diamonds. Eventually, its services will include a rarity evaluator retailers can access to determine the overall scarcity of specific hues.
Membership starts at $1,800 a year. The organization’s website lists its current members as Tiffany & Co., De Beers Diamond Jewellers (De Beers’ retail joint venture with LVMH), LVMH-owned Dior Jewelry, and Cartier and Van Cleef & Arpels, which are both owned by Richemont.
Rachminov said he put up his own money to start the organization after constantly receiving requests from large retailers for more information on fancy color diamonds.
Going forward, membership fees will be the FCRF’s main source of funding.