New Bid to Put Diamonds on the Futures Market
By Rob Bates, Senior Editor -- JCK-Jewelers Circular Keystone, 6/1/2003
Charles Wyndham, a former CSO director and broker who now owns the Web site www.polishedprices.com, is resurrecting the old idea of a diamond futures market.
Wyndham claims his site's "transparent" price list will make his venture fly where others have failed. He says he's talked to a number of institutions about his idea but adds, "I'd be really surprised if it happens in the next two years."
As for complaints that this would make diamonds more of a commodity, he replies: "I think diamonds are already a commodity. That doesn't tarnish their mystique. Wool is a commodity, sold for $10 a bale. Does that mean someone goes into the Armani shop saying, 'You are charging too much?' "
