Back to the Futures

Check the financial pages of the newspaper, and you'll see futures listed for beef, cotton, oil, coffee, and soybeans—not to mention gold, silver, and platinum. But not for diamonds. Now some want to change that. Price sheet publisher Martin Rapaport and PolishedPrices.com's Charles Wyndham are separately, but vocally, calling for diamond futures, and Rapaport introduced a preliminary proposal at the diamond association meeting in Amsterdam, the Netherlands, in June. Afterward, Antwerp World Diamond Center (formerly HRD) held a daylong seminar on the topic, sponsored by ABN AMRO bank. “I can't think of any commodity that doesn't have a derivative,” says Wyndham. “And at the end of the day, diamonds aren't different from any other commodity.” Yet, many in the trade, recalling past experiences with outside investors, are wary. In Amsterdam, Jeff Fischer, president of the In
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