With more than four decades of experience in the diamond and fine jewellery industry, Jerry Ehrenwald, GG, ASA, has launched his new venture, the Laboratory-Grown Diamond Exchange.
Headquartered in New York, the Laboratory-Grown Diamond Exchange is a first-of-its kind online international platform designed to make buying and selling laboratory-grown diamonds safe and easy.
Submitted anonymously to the Exchange by sellers free of charge, LGDEX.org lists available lab-grown diamonds for purchase. Once the listed diamond is sold, a 2.5 percent transaction fee is charged by the Exchange to both the buyer and the seller.
To ensure authenticity, all previously issued lab-grown diamond reports and descriptions provided by the seller are accepted upon verification. This process is conducted by independent third-party gemological labs that provide unbiased verification that the seller’s stones coincide with the description received by the independent gem lab. Following the evaluation, the lab will send this confirmation as well as the purchased lab-grown diamonds in a secure, sealed box to the buyer via overnight delivery.
With lab-grown diamonds growing in popularity, Ehrenwald considers them part of the new diamond frontier. He remarks: “As an active member of the mined diamond industry for over 40 years, I know mined diamonds have value for three reasons: they are beautiful, durable and rare. For lab-grown diamonds, there is currently no reliable information on value, and I intend to bring insight to this part of the industry as well as to the direct consumer.”
Market data collected from LGDEX.org will inform the Laboratory-Grown Diamond Price Index, which will publish actual cash asking prices on a regular basis, providing authoritative insight on lab-grown diamond values. This price list is prepared independently by the Exchange in collaboration with the GemGuide of Gemworld International, which does not buy or sell gemstones, but rather conducts research and pricing.
While LGDEX.org includes the consumer market, the Index will only reflect business-to-business prices. The information from the Index will also serve as a resource for those needing to determine value for undertakings such as IRS purposes and insurance coverage.
“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,” says Ehrenwald. “My purpose in establishing the Laboratory-Grown Diamond Exchange 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 jewelry appraiser, the need to factually substantiate the cash value of LGDs is of the utmost importance. The Laboratory-Grown Diamond Exchange will not only provide valuable in-trade services, but will be an informative educational resource for all.”