On December 27, the Moscow Stock Exchange will begin calculating and publishing four new indices related to diamond trading. This move, announced on the Message Trading platform, marks a notable extension of the exchange’s market data offerings and provides investors with new reference points for assessing diamond-related value. The launch is part of a broader effort to bring greater transparency to a specialized segment of the commodities market, where price signals have historically been scattered across private negotiations and bespoke appraisals. The new indices will help participants compare performance across different classes of diamond assets and understand shifts in market pricing with a standardized, publicly reported framework.
Beyond pure price benchmarks, the exchange will also implement composite diamond set indices. These indices are designed to reflect the performance of curated assortments of diamonds that are commonly sold as combined sets, as opposed to single stones. Both the diamond set indices and the investment diamond indices will be calculated on a weekly cadence and will be published in two currencies, rubles and US dollars, to support both domestic and international participants in tracking value changes over time. This dual-currency approach aims to facilitate cross-border investment decisions and enhance comparability with other commodity and luxury asset benchmarks.
The MDIA MR and MDIAMD codes were selected to identify the diamond set indices, while the MDIAMR2 and MDIAMD2 codes are used for investment diamonds. These designations create a clear, consistent naming convention that market participants can reference in portfolio reports, risk assessments, and analytics dashboards. The naming scheme is intended to reduce confusion as new data streams enter the market, ensuring that each index clearly communicates its focus—whether it tracks set configurations or individual investment-grade stones.
In calculating the first two indices, the methodology will rely on reliable data regarding the cost of both round and fancy-cut diamonds weighing between 0.3 and 1.99 carats. The investment diamond indices will shift the focus toward stones in the 2 to 9.99-carat range, reflecting the distinctive pricing dynamics and market demand that characterizes these larger, investment-grade stones. The approach emphasizes consistency in measurement standards, with transparent inclusion criteria that investors can validate through accompanying methodological notes provided by the exchange. This framework helps reduce ambiguity and supports robust comparative analysis across different diamond segments.
The Moscow Stock Exchange has indicated that the initial data for index calculations will be supplied by the leading participants in Russia’s diamond market. This emphasis on participation from top market players helps ensure that early index values reflect real-world trading activity and widely observed pricing trends. Historical values for these indices have been sufficently compiled since September 29, 2022, providing a ready reference for analysts and traders assessing recent movements and long-term trajectories. The inclusion of historical series enhances the credibility of the indices and offers a context for evaluating how new benchmarks compare with prior market benchmarks and price indicators.
Earlier communications had suggested that the new diamond price indices would come online before the autumn season concluded. According to insights from an executive overseeing data monetization at the Moscow Stock Exchange, preliminary expectations pointed to a notable price uplift once the indices began operations. Specifically, forecasts indicated a 47% increase for the ruble-denominated diamond set index and a 67% rise for investment diamonds starting from early October, underscoring the anticipated impact of formalized pricing on market perception and investment activity. These projections reflect the market’s demand for structured, credible price signals amid ongoing shifts in supply, fashion cycles, and demand from institutional and high-net-worth buyers alike.
The market environment continues to evolve, with ongoing adjustments in policy and market participation that can influence price formation. As new data streams become integrated into official benchmarks, participants should expect periodic revisions and methodological clarifications to accompany reported values. The emergence of these four indices represents a meaningful step toward greater transparency and comparability in Russia’s diamond market, aligning local price discovery with international standards and practices. The practical implications include improved risk assessment, enhanced portfolio tracking, and clearer benchmarks for evaluating investment performance in a niche yet influential luxury commodity segment.
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