The Rapaport Group is launching diamond price index aimed at the financial sector, Group Chairman Martin Rapaport told members of India's diamond industry at a meeting in Mumbai this week.

The index will be published on a daily basis and available online. Prices will be based on the RapNet's best per-carat prices for round cut diamonds with color grades of D-H with clarity of IF-VS2. The primary index will apply to one-carat stones.

The Group also plans to roll out a diamond investment fund that will allow the financial industry to invest in diamonds, with an emphasis on transparency and efficiency. Interested parties can contact Rapaport at invest@rapaport.com.

In addition to the diamond price index and the investment fund, the Group is also working on its own certification system to ensure that diamonds are produced ethically at all stages of the supply pipeline. Fair trade diamonds that beneficiate local artisanal diamond miners will receive the highest grade, followed by recycled diamonds.

Diamond certification centers will be established in Surat, Mumbai, and New York.