Bespoke Price Index and Ecommerce system for leading Diamond Price Indexer
Since 2002, polishedprices have been a leading provider of wholesale transaction based diamond prices, indices and independant marketing reporting. As an organisation polishedprices provide their subscribers with up to date to the day indices of prices and movements in the diamond market.
We worked with polishedprices to provide them a completely bespoke pricing index and Ecommerce system for their subscribers, and a new responsive website.
Polishedprices faced a number of technical issues that needed resolving. The first was that their website. The previous polishedprices website hadn’t been updated since the site first went live in 2002 and reflected against the rapid developments in website design and technology the website showed its age in both looks and performance.
The second more technical issue was the price index and ecommerce system. The price index system calculates the average diamond price from the actual transactions that are inputted into the system. The system then displays the diamond prices over the past year, and polishedprices had over fifteen years of data. The pricing page displays several matrices of data, including the prices by colour and quality of diamond and each of these figures is backed up by a complex web of historical data. At the time polishedprices statistician calculated these values using a number of excel spreadsheets which was a time consuming and difficult process.
Polishedprices required a new pricing index system that could audit all of the raw data and perform the calculations to produce completely accurate figures in the price index. Due to the technical difficulty of this solution polishedprices previous supplier were unable to carry this out.
At the centre of polishedprices technical issues was the need for them to sell subscriptions. As one of the leading independent diamond price indexers polishedprices needed the website and tools that reflected this selling point, so it was essential that their online resources were brought up to date and were easy to use. Secondly polishedprices needed a number of other online functions in conjunction such as an ecommerce system for their subscribers and news and comment publishing and market and index report publishing.
To address all of polishedprices’s technical issues we used the framework from our custom CMS system Cadenza to build polishedprices’s new site which had various functions. Not all of these were based solely on diamond prices, the essential functions were the prices tables, but in addition to that we also built a market news section and then a users accounts system so subscribers can maintain their subscription of a number of subscriptions which are available.
Rebuilding the price index was a more technical challenge, one of the prime issues being that we didn’t have the code for the previous system as it was written by polishedprices previous suppliers. This required us to go back to the first principles of the tool and rework it from the original excel spreadsheets method.
Using Cadenza we had to create a system that performed the same calculations as the previous Excel system, auditing them to ensure that there was no mistake or error in the system or database of of over 1.8M price records with over 2,000 are added per week. To reduce processing when calculating indices, an intermediate table is maintained. It contains the latest normalised price and transaction date for the values of shape, size, clarity and colour. The process of generating new table records is carried out at the time of price upload, between midnight and 10am on the day following the transaction date of the batch of prices uploaded.If from this process any of the figures that are generated disagree with the calculations made using the Excel spreadsheets, polishedprices can see this in the backend of their tool and amend it.
“We had outgrown our old website and it was becoming a turn off for prospective clients. Now I’ve got an engaging, affordable web application which is helping me grow my business.”
Charles Wyndham CEO of polishedprices
As a result of their website revamp and their bespoke pricing index tool, polishedprices have increased their market visibility and fortified their position in the market as diamond forecasters with diamond traders.
For more information please see our video interview with Charles Wyndham by clicking here.