Chicago-based Gemshares invented ten levels in which diamonds of every carat, color, clarity and cut can be quantified, the company said in a press release.

The indexing of diamonds will allow them to become part of Exchange-Traded Funds (ETFs) and other financial packages that can be traded on the stock market, and can ultimately be speculated over. Potentially, this could create an enormous change in the diamond trade, as it can sometimes take a long time to find a buyer for a diamond today, owing to its individual particularities and uniqueness.

The Wall Street Journal proposes that some of the early adopters of the diamond index will be diamond dealers who want to ensure that they don't lose money from the gems in their possession due to fluctuation in the price of diamonds.