GemePrice™, the revolutionary online wholesale pricing system that allocates prices to fancy colored diamonds as well as to gemstones according to the color codes generated by Gemewizard®, was officially launched on November 15 at the Israel Diamond Exchange in Ramat Gan, Israel. More than 200 leading diamond and gem traders, gemologists and other diamond professionals crowded into the Cullinan restaurant in the diamond exchange complex, leaving many participants with standing room only.
In a fast-paced presentation, Gemewizard® founder Menahem Sevdermish demonstrated the GemePrice™ system and explained how the unique Gemewizard color communication software had been successfully integrated into a pricing system for fancy colored diamonds, creating – de facto – a comprehensive digital “Color Master Set” together with pricing information for the benefit of the industry.
The GemePrice™ database contains grades, qualities, commercial names and prices of almost 400 fancy colored diamonds’ color combinations and over 50 types of the most traded gemstones with a visual display of over 15 shapes.
Asked by members of the audience how the data for the price list are obtained and how reliable they are, Sevdermish pointed out that the prices quoted by GemePrice™ are generated and authenticated through real-time analysis of over $100 million worth of inventory of fancy colored diamonds that are offered for sale at any particular time from carefully selected sources on the Internet, as well as data obtained from renowned industry experts. “The prices are automatically generated, using a sophisticated algorithm, taking into account various sources of data, which consequently are weighed carefully by IT experts at the GemePrice™ Center. Throughout the process, there is no intervention or any undue influence by trade members or people who are interested in pushing market prices up,” he stated.
Shmuel Schnitzer, a honorary IDE president who attended the GemePrice launch, heaped praise on Sevdermish and his team on their achievements, saying that “in today’s diamond business, we need modern tools and precise terminology. The trade will benefit significantly from this system, as it will enable traders of fancy colored diamonds, no matter where they are in the world, to communicate better, while using the same platform,” Schnitzer said.
“Since the gem and jewelry industry and trade began using online trading tools, the total bulk of trade in diamonds and gems has only increased,” said Avner Sofiov, principal of Tzoffey’s auction house and a former president of the Israel Precious Stones and Diamonds Exchange (IPSDE). “I have no doubt that the adoption by the trade of the GemePrice system and price list for fancy colored diamonds and for colored gemstones will greatly improve the level and quality of communications between trading partners. In addition, as this system creates more transparency, this fantastic tool will help increase consumer confidence in the products we sell. That can only be good for our business”