A process for preparing alloy products powders is described using a self-sustaining or self-propagating SHS-type combustion process. Binary, ternary and quaternary alloy having cadmium, selenium and optionally a third element X or Y selected from Group VIA (such as S or Te) or from group IIB (such as Zn or Hg). The alloy products may be doped or not with a wide variety of other elements. The process involves heating to ignition, maintaining an elevated temperature less than melting for homogenization, followed by cooling and crushing. An optional de-oxidation process may follow to further purify the alloy and balance the stoichiometry.