India's diamond industry has launched its first-ever rupee-based retail rate list for diamonds, the Business Standard reports.

The Diamond Retail Benchmark (DRB) is the fruit of cooperation between the All-India Gems & Jewellery Trade Federation (GJF) and Israel's IDEX diamond trading platform, whose rate lists carry the approval of the World Federation of Diamond Bourses.

The DRB seeks to bring transparency to diamond pricing by utilizing an approved data bank for diamonds of varying size, quality, and color. GJF Chairman Bachraj Bamalwa called the DRB a unique initiative adopted to benefit consumers of diamond jewelry in India, one of the world's fastest-growing diamond markets.

According to Bamalwa, the DRB – which is launching at a time when global diamond prices are spiraling – will address the needs of both consumers and jewelers.

The DRB is due to be published on a monthly basis and will be distributed gratis to members of India's diamond trade. It is available online at www.IDEXIndiaRetail.com.