Fancy Color Research Foundation

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Fancy Color Research Foundation (FCRF) is a non-profit organization that collects data and analyzes the market for natural fancy color diamonds. It publishes the Fancy Color Diamond Index (FCDI), a quarterly benchmark that tracks wholesale price movements in major diamond markets, and offers research and valuation tools for mining companies, traders, jewelers, and collectors. The FCRF is headquartered at the Israel Diamond Exchange and operates with activities in New York, USA.

Key offerings
- Fancy Color Diamond Index (FCDI): a quarterly price benchmark for wholesale markets.
- Rarity Report: data-driven evaluations of how rare a specific fancy color diamond is.
- Diamond Diary: guidance and talking points for presenting natural color diamonds to clients.
- Pre-Auction Analysis and Live Auction Results: independent assessments of diamonds at major auctions; live results are shared through a dedicated WhatsApp channel.
- Valuation Services: objective reports using the FCRF’s IDU Grading Standard (Inner-Grade, Color Dispersion, Undertone) for precise value estimates.

How it started and what it does
- Data collection began in 2005; the first FCDI was published in January 2015, after the foundation was inaugurated in November 2014.
- Its methodology is vetted by independent auditors, supporting transparency and fair trade in fancy color diamonds.
- In addition to the FCDI, FCRF publishes market studies and industry reports, such as a 2023 Market Study and a 2025 Fancy Color Diamond Report created with the Natural Diamond Council.

Impact
- Proceeds from FCRF activities fund ongoing research and charitable initiatives, while helping brands, traders, and collectors understand the value and dynamics of fancy color diamonds.