Founded by Jerry Ehrenwald, former CEO of the International Gemological Institute, the Lab-Grown Diamond Exchange (LGDEX) and Price Index are designed to establish a reliable source of information on the value of synthetic diamonds to both the jewellery industry and consumers.

Ehrenwald explained, “With the introduction of laboratory-grown diamonds into the industry, we have seen the cost come down over the past two to three years, and its growth pattern remains to be seen. My purpose in establishing the LGDEX is to have an accurate and reliable database of asking prices from all players involved in this emerging industry.

“As a longstanding professional gem and jewellery appraiser, the need to factually substantiate the cash value of [lab-grown diamonds] is of the utmost importance. The LGDEX will not only provide valuable in-trade services, but will be an informative educational resource for all.”

The LGDEX platform allows sellers to list product – both loose stones and jewellery – anonymously, free of charge. Once the product is sold, a 2.5 per cent transaction fee is charged to buyer and seller. The Exchange verifies seller-provided diamond-grading certificates and reports through independent third-party laboratories.

While LGDEX is available to the consumer market, the Price Index reflects business-to-business prices and can be used as a reference for tax and insurance purposes. It is developed in conjunction with Gemworld International, a US-based research, education and appraisal business that does not trade in diamonds, gemstones or jewellery.

Earlier this year, members of RapNet, the world’s largest online natural diamond trading network, voted against allowing synthetic diamonds to be sold through the platform. They also voted against establishing an equivalent Rapaport Price List for synthetic diamonds.

More reading:Online trading platform delivers blow to synthetic diamondsSynthetic diamond prices fall 60 per centLightbox Jewelry opens to the public 

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