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Gemstones Colors and Prices



         


   

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The Fancy Colored Diamond mode, showing second color moderators.


The Gemstone mode.


The Pricelist mode.
  Is the future really here?

A ONE-STOP PRICING SYSTEM FOR JEWELERS, GEM DEALERS, DESIGNERS, GEMOLOGISTS AND APPRAISERS
March 30, 2015


The science of assigning a price or value to a specific colored gemstone is almost certainly one of the most difficult disciplines in the trade, and remains one of the most stress-provoking. Subtle variations in hue and saturation can mean the difference between profit and loss, and the number of permutations of gemstones, colors, qualities and treatments, run into the thousands.

Last month, Gemewizard announced the release of GemePrice 4.0, the latest generation of its online dynamic pricing system. The new version comes with a range of exciting new features, as well as upgrades of existing elements. It provides real business benefits to all the different industry players in their day-to-day operations, including jewelers, gem and diamond dealers, designers, gemologists and appraisers. In this article, we intend to demonstrate how.

But before delving into GemePrice 4.0's benefits, it is important to understand what makes it such a credible and reliable pricing system.

First and most importantly, from a pricing perspective, the figures generated by the GemePrice application are based on real-time prices of tens of thousands of fancy colored diamonds and gemstones being offered for sale online at any particular time on the Internet. These are substantiated by regularly updated prices allocated by a panel of industry-renowned experts and other real-time commercial data. The collated information is used to generate the actual gem prices by means of a sophisticated price-allocation algorithm, which has been fined tuned in the 4.0 version to improve accuracy. Prices are updated periodically to maintain their validity.

The scale of the real time data on which the prices are based is massive. The fancy colored diamonds Internet database was expanded in this latest version to include more than $400 million worth of merchandise, whereas the database of the colored gemstones was expanded to include more than $100 million worth of goods.

Next, but not less important, from the perspective of applicability, GemePrice 4.0 is the most comprehensive online digital pricing system in the market today. Its database contains grades, qualities, commercial names and prices of more than 1,800 fancy-color diamond color combinations and more than 60 types of the most traded gemstones, each with a visual display of 15 shapes.

The new 4.0 version is more expansive than its predecessors. It contains additional types of gemstones as well as a considerable extension of the fancy color diamond's color combinations to include second color moderators, together with new rare diamond colors, including Red and reddish Brown rulers.

All of the colors in the system, whether related to fancy color diamonds or gemstones, are displayed visually. It is as if each GemePrice 4.0 user has a Master Color Set at his or her own beckoning at all times. This is a most valuable asset in itself.

The latest version of GemePrice includes features that benefit a wide range of industry professionals.

Gemstone and colored diamond buyers in particular will welcome the GemePrice 4.0's redesigned user interface, which is compatible with touch screen computers, tablets and smart phones. It is especially useful when visiting a trade show or inspecting gems in a vendor's office. With just a hand-held device and a GemePrice subscription, buyers carry with them a full set of color masters, grade rulers and price lists, with which they can accurately identify or match specific gem colors, and then be provided with appropriate purchase prices. The buyers may also send the colors they are viewing to colleagues or to their own customers for comments, using the integrated email feature, irrespective of whether the recipient is a Gemewizard client or not.

Colorless diamond dealers, who wish to expand their business to include colored diamonds but are unfamiliar with the intricacies of fancy color prices, receive a golden ticket to enter the trade. The interactive Price List mode can act as their consultant, providing the current per-carat market price for each diamond and fancy grade, and enabling them to see how a change in any of its attributes would affect its value.

Retail jewelers and gem dealers will especially appreciate the updated Pricing Station mode in GemePrice 4.0. It is a popular all-in-one feature that enables them to obtain the current prices of a multi-component item, such as a mixed parcel of gems or a piece of jewelry (including up-to-date prices of precious metals). While it cannot be considered an exact appraisal, it nevertheless provides the jeweler with important information about the possible selling price or buying cost, and allows him or her to send the assembled report to a customer (with an additional customized markup per component). These reports can be archived and accessed at a later date.

Gemological laboratories and independent appraisers would find several of the GemePrice 4.0 features useful in their daily work. In the Gemstones mode, users may use the comprehensive digital color palettes built into the software, displaying the color borders and grading rulers of the various gemstones, to define the color variety and/or assess the quality of the appraised stone. These color borders were refined and updated in the current version. Furthermore, with the inclusion in the new version of a second color moderator in the Fancy Color Diamond mode, the complicated task of grading and evaluating fancy color diamonds has become much easier.

Wherever possible, the new version incorporates harmonized terminology. These include treated gemstone descriptions, which were were revised to correspond to the AGTA-CIBJO-ICA coding system.

Another aspect of standardization can be seen in the inclusion of a color converter tool. This provides users the benefit of converting colors between various standard color systems, such as converting Gemewizard codes into equivalent GIA, Munsell and CIE LAB terminology, as well as RGB and CMYK numerical values, and vice versa. This can serve as a cross-industry tool, which provides users with the means to communicate with colleagues, customers and other non-industry professionals, such as fashion designers, according to their preferred color language.

To summarize, almost all members of the industry can benefit from this remarkable tool. The wide variety of system features, powered by Gemewizard's patented color technology, provides a one-of-a-kind solution for defining, grading, pricing and communicating color and value in gems. We are confident that this tool would serve your business and contribute to your day-to-day business decisions.

For more information about GemePrice 4.0, please visit www.gemewizard.com/store-price.php.

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