Background History

The Troy Diamond Report founded by Wayne D. Prentice, G.G. is the result of over 25 years experience.  Wayne's background includes being a former Resident Gemology Instructor at the Gemological Institute of America (GIA), an award winning gem cutter and a retailer and wholesaler in the jewelry industry.  In addition to holding a degree in Business Economics from the University of California, Santa Barbara, Wayne is also a licensed Real Estate Broker in both California and Washington State.

The Motivation

The primary catalyst for my creating a "Global Diamond and Currency Market Guide" is a direct result of recent volatility in currencies and diamonds emerging as a freely traded global commodity and no longer simply a luxury good controlled by DeBeers' Central Selling Organization.  Traditionally the Diamond Industry has been a marketing and distribution cartel exclusively controlled by DeBeers, but over the past 15 years the industry has become a multi-channeled free market system, with substantial changes at every level, from mining, to manufacturing and distribution channels from wholesale to the end consumer. Legislative action championed by U.S. Rep. Tony Hall from 1999-2003 for the Clean Diamond Trade Act (H.R. 1584) created the Kimberley Process (http://www.kimberleyprocess.com), a branding revolution and started the commoditization of diamonds. DeBeers historical role as custodian of global diamond supply and market driver, therefore was recast to a "Supplier of Choice." This is monumental change! Considering in 1993, DeBeers controlled over 85% of the world's supply of gem quality rough diamond production, which by 2006 had dropped to 50%, and today is even less than 40% of gem quality rough diamonds documented through the Kimberley Process Certification Scheme totaling $12.1 Billion in 2007.

Next was to fulfill the need for "Real Value" reports that are essential during rapidly changing economic times globally and in the U.S. Reports that are independent and consider the affects of greatly changing monetary exchange rates. Value needed to be communicated independent of any single currency, and be easily convertible to every currency.  Durable goods such as gold and diamonds priced solely in U.S. Dollars is outdated especially considering the rapidly changing value of the U.S. Dollar in the last 6 years relative to foreign currencies and other measures of "Real Value." 

Sincerely, Wayne D. Prentice, G.G.