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The Fancy Color Research Foundation will not publish its price Index for Q1 of 2020.
The Fancy Color Research Foundation will not publish its price Index for Q1 of 2020.

Colour diamond price index suspended

The Fancy Color Research Foundation (FCRF), which releases a quarterly index of fancy colour diamond prices based on international sales data, will not publish price information for the first quarter of 2020.

In a statement, the FCRF confirmed the decision was made based on reduced trade due to the COVID-19 pandemic.

“The volume of transactions conducted in this quarter was not sufficient to establish accurate market pricing data for the majority of fancy colour diamond categories,” the statement read. 

Miri Chen, FCRF
Miri Chen, FCRF
"This situation [the COVID-19 pandemic] prevents the conveyance of diamonds from sellers to buyers regardless of fancy colour market prices, while the index methodology is based on... a minimum volume of transactions"
Miri Chen, FCRF

The FCRF tracks pricing information for blue, pink, and yellow diamonds across multiple sizes and intensities based on wholesale trading in New York, Hong Kong, and Tel Aviv.

Miri Chen, CEO FCRF, explained, “This situation [the COVID-19 pandemic] prevents the conveyance of diamonds from sellers to buyers regardless of fancy colour market prices, while the index methodology is based on data compilation derived from a minimum volume of transactions per category.

“Under these circumstances, the FCRF advisory board has concluded that the integrity of our price discovery process is compromised and has decided not to present pricing data for this quarter.”

Eden Rachminov, chairman FCRF, added, “The unprecedented government restrictions, as a result of COVID-19, have brought fancy colour diamond trading to a temporary halt. We are seeing orders in the pipeline that cannot be fulfilled due to these limitations.”

However, Rachminov said the FCRF expects trade to resume later in the year and will release pricing data once its minimum volume threshold is met.

The decision to suspend the publication of the Fancy Color Diamond Index follows recent controversy over the Rapaport Price List, which publishes prices for colourless (white) diamonds.

Rapaport Group CEO Martin Rapaport was forced to suspend the weekly list in late March due to outrage over significant price falls across multiple categories. Diamond dealers insisted the pricing had been distorted by low volumes.

Rapaport has since confirmed the list will now be published monthly; however, the furore caused an exodus of diamond dealers from Rapaport’s RapNet trading platform. The World Federation of Diamond Bourses has since established its own platform for members.

 

More reading:
Furore as diamond prices fall; Rapaport Price List suspended
New diamond trading platform launching this week
Colour diamonds: the fairest of them all











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