IDEX-Online delegates yesterday presented Israeli diamond merchants, the new price list they have created for the diamond industry, initiated by WFDB (World Federation of Diamond Bourses). Among the speakers at the event were; Mr. Avi Paz, president of the IDE and the WFDB; Motti Gantz, new price list created for the diamond industry, initiated by WFDB (World Federation of Diamond President of the Israeli Diamond Industry; David de Toledo, Depute President of the Israeli Diamond Industry; and the President of the Precious Stones Bourse, Mr. Shlomo Eshed.

First presented at the Presidents convention in Antwerp, the price list is named SRP Diamonds (Suggested Retail Price) and is based on two main factors; asking price and retail margin. The higher asking price is based on 4Cs while the price list is based on diamond supply, offered by diamond companies on the IDEX-Online website.

Udi Cohen, the IDEX-Online Chairperson, commented that his firm had studied the market for an entire year before presenting the new price list. He stated: “The diamond industry is losing its place in the prestigious items market, in comparison to other luxury products. Therefore, it is important to enhance costumers’ trust in diamonds. The new price list is meant to be a milestone in the process of setting a final customer price for a diamond and, in enhancing customers’ trust.”

He went on to say; “The price list will be transparent and supervised by an external organization.” He then pointed out that the price list is currently at an experimental stage. He called diamond merchants to use it and to refer requests and comments about the activities of the price list to INDEX-Online.

Ken Gassman, an analyst for the US retail jewelry market, who was one of the speakers, called the Israeli diamond merchants not to give up on the American market. “Americans like to buy and the American market is still the most significant on; the US still consumes 50% of world Jewelry.” He then went on to estimate that sales this coming holiday season will be similar to those of last year, and that they would increase only in 2011.

Avi Paz, President of the Israeli Diamond Exchange and the World Federation of Diamond Bourses, said; “The new price list is good for customers”. He then offered diamond merchants to embrace it. David de Toledo, Depute President of the Israeli Diamond Industry said that the price list is ‘one of the most important marketing initiatives of the recent years’