Phone number and book callback button

    World's Leading Diamond Pricing Index and Ecommerce Site

    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 independent 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 build a completely bespoke subscriber's pricing index, Ecommerce system, and a new responsive website.

    The problem

    When polishedprices approached us, they faced a number of technical issues that needed resolving. The first was that their website. Before working with us, polishedprices website hadn’t been updated since the site first went live in 2002. Needless to say, the website reflected against the rapid developments in website design and technology, and really showed its age in both looks and performance.

    The second more technical issue was their price index and e-commerce system. The polishedprices price index system performed a series of very complex functions: firstly it calculated the average diamond price from the actual transactions that are inputted into the system. The system then displayed the diamond prices over the past year (polishedprices had over fifteen years of data!) on a pricing page. The pricing page displayed several matrices of data, including the prices by colour and quality. 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's previous supplier was unable to carry this out.

     

    Analysis

    A commercial issue was at the core of polishedprices's technical issues: the need for them to sell subscriptions. As one of the leading independent diamond price indexers polishedprices needed a 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 with their new website and pricing system including an e-commerce system for their subscribers, news and comment publishing, as well as market and index report publishing.

    The Solution

     

     

    To address all of polishedprices’s technical issues we used the framework from our custom CMS system, Cadenza, to build polishedprices’s new site. Polishedprices new site had various functions, and not all of these were based solely on diamond prices. The essential functions included prices tables, in addition to a market news section and a users accounts system, so that subscribers are able to maintain their subscriptions.

    Rebuilding the price index was a more technical challenge. One of the prime issues was that we didn’t have the code for the previous system, as it was written by polishedprices's 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 and audited them to ensure that there was no mistake or error in the system or database; which contained over 1.8M price records, with over 2,000 added per week. To reduce processing when calculating indices, an intermediate table is maintained which contains the latest normalised price and transaction date for the values of shape, size, clarity and colour.  

    The process of generating a new table of records is carried out at the time of price upload, between midnight and 10 am on the day following the transaction date of the batch of prices uploaded. If any of the figures that are generated in this process disagree with the calculations made using the Excel spreadsheets, polishedprices can see this in the backend of their tool and amend it.

     

    The Result

    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.

    Charles Wyndham, CEO of polishedprices, said of our work:

    “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.”

    For more information please see our video interview with Charles Wyndham by clicking here.


    Back to Category

    Date

    22 March 2017

    Categories

    Case Study, Web Design, Web Development, Ecommerce