I bought my diamond in 2004, D/E Color .83 crt VS1 paid $5500, broker says the value of it is 1/5th of orginal value due to downturn in D prices worldwide?

sounds like someone is trying to rip you off. just browse the leading online diamond websites to search for a diamond with similar characteristics to yours and you'll see that the price that you paid for the diamond back in 2004 is more-or-less the same prices at which such a diamond would sell today.
search for example here:
http://www.zoara.com/loose-diamonds
or here:
http://www.bluenile.com/diamond-search

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In order to properly answer your question you must provide more details about your diamond. Specifically:

1. what is the diamond cut grade (excellent, good, fair, etc.)?
2. does your diamond have a grading report (AKA - certificate)? if so - what lab made your certificate: GIA, EGL, AGS, IGI, etc.?
3. do you happen to know other characteristics of your diamond such as polish, symmetry, culet, florescense, etc.?

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