# NAV (Net Asset Value) Structure of the Portfolio NAV (Net Asset Value) represents the total appraised value of Diamore’s diamond portfolio minus liabilities. It is calculated by summing the market value of all diamonds and other gemstones held in custody, then subtracting any potential obligations (e.g., stablecoins or loans issued against collateral). Valuations rely on independent sources — GIA certificates, appraisal reports, and market diamond price indices. For example, Diamond Standard has developed the DIAMINDX index (published on Bloomberg), which reflects market prices for a standardized set of diamonds. To maintain a conservative approach, Diamore may apply discounts when calculating NAV — recognizing that the wholesale (B2B) price of a large stone is typically lower than its retail price. This means a discount is factored into the asset value to account for potential quick sales or additional costs. The resulting NAV becomes the basis for token issuance and a benchmark for fair token pricing. For example, if the total discounted portfolio value is $10 million and 10 million tokens are issued, the indicative value per token would be $1 (based on NAV). NAV is reviewed regularly as diamonds are reappraised and the asset structure evolves, ensuring transparency and up-to-date share valuation for investors. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.diamore.co/financial-model/nav-net-asset-value-structure-of-the-portfolio.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.