UNI Diamonds, a fintech company focused on building a global marketplace for diamonds, has announced a strategic relationship with a leading diamond price organisation and IDEX (International Diamond Exchange) to create the first fully-transparent price guide for the natural polished diamond industry.
The Diamond Price Guide provides up-to-date wholesale market prices guidance. It is based on the diamond inventory data collected by UNI from international manufacturers and wholesalers, the IDEX diamond price list as well as on diamond search data that shows what buyers are looking for and what they are willing to accept. To create the guide, UNI developed an algorithm that collates data from multiple sources, detects and eliminates outliers, and provides average market prices in real-time.
In order to ensure maximum transparency and data accuracy, all contributors to the Natural Diamond Price Guide must be assured that their proprietary information will remain confidential. To meet this privacy requirement, UNI partnered with QEDIT, a World Economic Forum Technology Pioneer and a leading provider of Privacy-Enhancing Technology (PET) solutions. QEDIT is a secure data collaboration platform, powered by advanced cryptography, enabling calculations on encrypted data without storing or accessing sensitive, raw information.
Looking ahead, additional data sourced from other rigorously vetted platforms will be aggregated into the Price Guide, broadening its scope considerably. All companies that have price guidance reports that are open and transparent are welcome to incorporate their data onto this platform, to be active partners in the first guidance which is transparent and open to validation.
Mahiar Borhanjoo, UNI CEO, said: “Price guides are not new to the diamond industry, but the ways in which they have been compiled and calculated have been decidedly opaque, meaning they are open to interpretation and often controversial. The Natural Diamond Price Guide, which uses highly advanced technology to bring full transparency to diamond price guidance, will change this. This technological collaboration will enable us to provide an accurate picture of the market trends using real data provided by the diamond industry.”
Jonathan Rouach, CEO of QEDIT, said: “We’re excited to be leveraging our innovative technology and cryptographic expertise to facilitate the creation of an impartial price guide for the polished diamond industry. The privacy assurances we can offer, backed by such Privacy-Enhancing Techniques as homomorphic encryption and zero-knowledge proof cryptography, will enable sensitive price data to be handled and processed in a regulatory-compliant environment that guarantees data integrity and protects the commercial interests of every participant in the network.”
Ehud D. Cohen, IDEX SA Chairman, commented on the announcement: “IDEX is proud to be part of the group that shares its data for the benefit of the industry.”