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Free Curriculum

The Diamond & Gem Trade Curriculum

Ten structured courses for anyone who wants to understand this business properly. Built for family business successors, serious buyers, and anyone entering the trade who wants to know what they are doing before they spend serious money.

10Courses
37Required readings
~35 hrsTotal reading
FreeAlways
Diamonds track — 6 courses Gemstones track — 4 courses No account required No deadline

How this curriculum works

The curriculum page is your guide. Click each reading link, read the full article, come back, click the next one. That is the entire system.

01
Follow the course sequence
Each course builds on the one before it. Do not skip ahead and do not skip Course 1, even if you already know diamonds.
02
The links are the course material
Every reading link opens a full Codex article. These are not summaries or extras. They are the required reading. Read each one fully before continuing.
03
Allow time per module
Each reading is 30 to 80 minutes. Each course is 3 to 5 hours. Do not rush. This is knowledge you will use for the rest of your career.
04
Complete both tracks if relevant
The Diamond track and the Gemstone track cover different businesses. Most people in the Indian trade should complete both.
Self-study: 1 course per week — 10 weeks
Intensive: 1 course per day — 10 days
Family business onboarding: 1 course per week alongside work — 3 months for both tracks

What you will be able to do

By the end of this curriculum, you will be able to do all of the following without assistance or guidance from anyone else.

💎

Identify a diamond's cut, colour, clarity and carat weight accurately and explain what each means for price.

📋

Read a GIA or IGI certificate completely and know exactly what every field means, including what the certificate does not tell you.

⚖️

Understand how the Rappaport Price List works and use it correctly in a transaction or negotiation.

🏭

Explain the full diamond supply chain from mine to polished stone and know where value is added at each stage.

🔬

Distinguish natural from lab-grown diamonds, explain CVD and HPHT production, and articulate the commercial implications of each.

🇮🇳

Navigate Mumbai, Surat and Jaipur as a trade participant with a precise understanding of how each city functions in the industry.

📿

Identify all nine Navratna gem species correctly, assess quality against classical text standards, and detect the most common fraud for each.

🛡️

Recognise and avoid every major gem and diamond fraud, from glass-filled ruby to fake GIA certificates to the Jaipur tourist scam.

📈

Evaluate whether a specific gem or diamond has investment-grade characteristics and explain precisely why most do not.

🤝

Participate competently in any trade conversation with a dealer, grader or buyer, understanding the vocabulary, the conventions and the unspoken rules.

Choose your track

Complete both tracks if your work covers diamonds and coloured gems.

Course 1 ⏱ ~4 hours  ·  4 readings  ·  Start here

What a diamond actually is

Geology, chemistry, and why diamonds form where they do

Before you can sell something, you need to understand what it is. A diamond is not just a hard, shiny stone. It is a specific arrangement of carbon atoms that took between one billion and three billion years to form under extreme conditions 150 kilometres below the earth's surface. Understanding what creates a diamond, how it reaches the surface, and why certain mines produce certain qualities is the foundation that makes every subsequent piece of knowledge coherent. Without it, you are memorising facts. With it, you understand a system.
By the end of this course you will know
  • Why carbon becomes diamond and not graphite, and what geological conditions are required
  • What a kimberlite pipe is and why diamonds are found inside them
  • How alluvial deposits differ from primary deposits and what that means for quality
  • Why the Golconda mines in India produced the world's most famous historical diamonds
Start with the first reading. Return here for the next one. Start Course 1, Module 1 →
Course 2 ⏱ ~5 hours  ·  5 readings  ·  Foundation

The 4Cs and how they drive price

Cut, colour, clarity, carat — the language the whole world uses

The 4Cs are the language of the diamond trade. Every price conversation, every certificate, every negotiation is conducted in this language. Getting the 4Cs wrong means you cannot evaluate a stone, cannot assess a price, and cannot protect yourself or your clients from being misled. This course is the operating system for everything else in the diamond business. Take it slowly. Every page here has been read by people who spent decades in the trade and still found things they had missed.
By the end of this course you will know
  • What GIA's cut grades mean and why Excellent is the only grade worth specifying
  • The D-to-Z colour scale and where the value breaks actually occur
  • The FL-to-I3 clarity scale and what "eye-clean" means commercially
  • Why carat weight pricing is non-linear and how to use that to your advantage
  • How all four factors interact to determine a diamond's actual market value
The most important course in the curriculum. Do not rush it. Start Course 2, Module 1 →
Course 3 ⏱ ~3.5 hours  ·  4 readings  ·  Essential

Grading, certification and the laboratories

GIA vs IGI, how certificates are produced, and what they do not tell you

A diamond certificate is the single most important document in any diamond transaction. But most people in the trade, including many who have been in it for years, do not fully understand what a certificate says, what it does not say, and why a GIA certificate and an IGI certificate on the same stone can come back with different grades. This course gives you that understanding. It also covers the controversies, because knowing where the system has weaknesses is how you protect yourself from being exploited by them.
By the end of this course you will know
  • Exactly how GIA grades a diamond: the process, the team, the instruments
  • The real differences between GIA and IGI grades and why they matter commercially
  • The grading controversies the trade rarely discusses openly
  • How to verify any certificate in under two minutes at gia.edu/report-check
Understanding certification protects every transaction you will ever do. Start Course 3, Module 1 →
Course 4 ⏱ ~3.5 hours  ·  4 readings  ·  Commercial

The diamond trade: how the business actually works

Rappaport, rough tenders, bourses, and the price system that runs the industry

The Rappaport Price List is the closest thing the diamond trade has to a stock exchange. Every dealer, every retailer, every buyer is either using it or pricing relative to it. If you do not understand how the Rap system works, what "back of Rap" means, why certain stones trade at premiums or discounts, and how rough tenders set the price for everything downstream, you cannot participate in the trade on equal terms. This course is about commercial fluency. The difference between someone who knows diamonds and someone who can operate in the diamond business.
By the end of this course you will know
  • How the Rappaport Price List works and how to use it in any transaction
  • How rough diamonds are sold through tender and why this controls global supply pricing
  • How diamond bourses operate and what membership represents
  • The complete flow of money and stones from mine to retail and where margins sit at each stage
The course most family business successors skip. Do not skip it. Start Course 4, Module 1 →
Course 5 ⏱ ~3 hours  ·  4 readings  ·  Current

Lab-grown diamonds: the disruption you cannot ignore

CVD, HPHT, the price collapse, and what this means for the natural diamond business

Lab-grown diamonds are the most significant structural change to the diamond industry in 150 years. Between 2016 and 2024, the price of a 1-carat lab-grown diamond fell approximately 90%. Lab-grown now holds a majority share of engagement ring diamond sales in the United States by volume. Every conversation in the natural diamond trade now happens in the context of this disruption. If you do not understand lab-grown deeply, you cannot understand the natural diamond market correctly.
By the end of this course you will know
  • The two production methods (CVD and HPHT) and the diagnostic characteristics of each
  • Why lab-grown prices collapsed 90% in eight years and what that trajectory means going forward
  • The detection instruments that identify lab-grown and why disclosure matters for trust
  • How to position natural diamonds when a customer asks "why not lab-grown?"
Essential for anyone in natural diamond retail in 2025 and beyond. Start Course 5, Module 1 →
Course 6 ⏱ ~3.5 hours  ·  4 readings  ·  India-specific

The Indian diamond market: Surat, Mumbai, and how India runs the world's trade

90% of the world's diamonds are cut here. This is how that business works.

India cuts approximately 90% of the world's diamonds by piece count and 80 to 85% by value. Surat is the cutting capital of the world, Mumbai is the financial and trading hub, and the Bharat Diamond Bourse in BKC is one of the largest diamond exchanges on earth. If your family is in this business, this is your home market. Understanding it precisely, including the regulatory environment (GST, import duties, BIS hallmarking) and the trade infrastructure (bourses, banks, manufacturers), is the foundation of commercial competence in India.
By the end of this course you will know
  • How Surat became the world's cutting capital and how the industry is structured today
  • How the Mumbai market operates: the BDB, the banks, the trading conventions
  • The complete GST and import duty structure for diamonds and jewellery in India
  • How BIS hallmarking works and what it means for retail jewellery compliance
Your home market. Know it better than anyone else. Start Course 6, Module 1 →
Course 7 ⏱ ~3.5 hours  ·  4 readings  ·  Foundation

How coloured gems work: grading, treatments and laboratories

The system is different from diamonds. Here is why and how to navigate it.

Coloured stone grading is fundamentally different from diamond grading. There is no single universal standard. More importantly, treatment is the most commercially significant factor in coloured stones and also the most abused. A heated ruby and an unheated ruby of identical apparent quality can differ in price by a factor of ten. If you cannot assess treatment, you cannot price coloured stones. This course builds that foundation.
By the end of this course you will know
  • How the GIA coloured stone system works: hue, tone, saturation, Type I/II/III clarity
  • Every significant treatment: heat, oiling, lead glass, beryllium diffusion, and how each affects value
  • What a GIA, AGL and Gübelin coloured stone certificate each tells you
  • How origin determination works and why "Burma" or "Kashmir" on a certificate is worth real money
The foundation for the three species courses that follow. Start Course 7, Module 1 →
Course 8 ⏱ ~5 hours  ·  6 readings  ·  High value

The big three: ruby, sapphire and emerald

The three species that drive 80% of the high-value coloured stone market

Ruby, sapphire and emerald are the species where the real money in coloured stones moves. A fine unheated Burmese ruby above 3 carats is worth more per carat than most diamonds. A Kashmir sapphire at auction has broken price-per-carat records. Understanding these three species deeply, their origins, quality distinctions, treatment implications and fraud patterns, is the core competency of anyone in the Indian fine gem trade.
By the end of this course you will know
  • The ruby origin hierarchy (Mogok, Mozambique, Vietnam) and the price differences between them
  • What "pigeon blood" actually means and why it is commercially significant
  • Why Kashmir sapphire commands 10 to 20 times premiums over equivalent Ceylon sapphire
  • How to identify glass-filled ruby, the most damaging fraud in the Indian market
  • The emerald oiling scale (AGL minor/moderate/significant) and what each grade means for price
These three species will define most of your high-value client conversations. Start Course 8, Module 1 →
Course 9 ⏱ ~3 hours  ·  2 readings  ·  India essential

Navratna: the nine gem system of Jyotish

The system that drives a significant share of Indian gem retail and how to serve it correctly

Navratna purchases are driven by faith and intention, not aesthetics. A buyer purchasing Neelam for Saturn is not comparison shopping for the best-looking sapphire at the lowest price. They are looking for the right stone for a specific ritual purpose. This changes the entire sales conversation. It also creates a specific fraud risk: a motivated buyer with limited gemological knowledge is the primary target of species substitution fraud. Understanding what the classical texts actually specify, what quality is required, and what fraud patterns target this buyer is essential for anyone selling gems in the Indian retail market.
By the end of this course you will know
  • The nine planet-gem assignments and the historical Sanskrit text basis for each
  • What quality the classical texts actually specify, which is more demanding than most dealers acknowledge
  • The species fraud pattern for each Navratna gem (topaz as Pukhraj, topaz as Neelam, etc.)
  • What certification is required for each Navratna gem purchase above meaningful value
Understanding Navratna is understanding the Indian gem retail buyer. Start Course 9, Module 1 →
Course 10 ⏱ ~3.5 hours  ·  4 readings  ·  Protection

Buying safely: fraud, the India market and protecting every transaction

The practical skills that protect money. Every buyer needs this. Every seller needs this too.

Gem and diamond fraud is not rare. It is systematic, well-organised, and specifically targeted at buyers who have enthusiasm but incomplete knowledge, which describes most family business successors at the start of their careers. The fraud patterns in this course have cost Indian buyers collectively hundreds of crores of rupees. Glass-filled ruby, synthetic sapphire sold as natural, fake certificates, the tourist market scam, lead glass fraud in Jaipur. These are not edge cases. They are the baseline experience of uninformed buying in this market.
By the end of this course you will know
  • Every major fraud pattern in the Indian gem market and the specific detection method for each
  • How to buy gems in Jaipur and Mumbai without being defrauded
  • The complete step-by-step purchase process that protects against every major fraud category
  • What to do if you have been defrauded: the Consumer Protection Act process and practical options
The last course. The one that protects everything else you have learned. Start Course 10, Module 1 →

Begin with Course 1

No account. No fee. No deadline. The Codex articles are the curriculum. Read them in sequence, come back here between each one, and move forward when you are ready.

Start: Course 1 → Start: Course 7 (Gems) →