Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.
Companies Pull Goods off RapNet in Droves After Price Cut
Mobilized via Instagram, hundreds of companies have removed their diamonds from the trading platform in protest.

The movement started last week after the latest Rapaport Group price list came out on Friday morning.
During a Skype interview on Sunday, Martin Rapaport told National Jeweler he made the decision to cut prices after he saw them going down amid the spread of COVID-19.
The Rapaport Group chairman expressed sympathy for dealers during the unprecedented crisis but said the point of the price list is to reflect what’s going on in the market and establish a benchmark that’s fair to both dealers and buyers.
“I am doing my job—to communicate diamond prices and to establish a fair balance,” he said. “If you don’t like it, don’t look at it, don’t use it. [But] I can’t put out false information.”
Rapaport’s decision ignited a firestorm among diamond dealers and a protest mobilized via Instagram.
Doron Serrouya, owner of Israel-based Yondor Diamond, said his son, Ido Serrouya, helped him start the Instagram account @stock_off_rapnet, which had more than 1,600 followers as of Tuesday morning and already more than 500 posts.
The account is a compendium of the logos of companies that have pulled their goods from RapNet and/or are benchmarking their diamonds against an older Rap list.
The Instagram account includes messages from some of the largest players in the diamond industry including Rosy Blue, Diamex Inc., Pluczenik, Venus Jewel and Taché.
Serrouya said in a telephone interview last week he woke up last Friday (March 20) to see prices slashed.
“We are not the stock market,” he said. “It’s not normal that you wake up in the morning and all the diamonds are less because of the coronavirus crisis.”
“Instead of helping the industry, [Rapaport cuts prices],” he lamented. “It’s not normal. It’s really not normal.”
Serrouya and a fellow diamond dealer created @stock_off_rapnet, jumpstarting a viral, global movement of diamond companies—more than 450 as of press time—deflecting from RapNet in protest of the price cut.
It caught on “like a fire,” Serrouya said. “Everybody decided to do it.”
The Suspension Question
But in a letter sent to dealers Monday, Rapaport offered another alternative—giving RapNet members the opportunity to vote on suspending the price list until Friday, May 1.
Results of the vote were not available as of press time Tuesday. National Jeweler will report the results of the vote in a separate story.
“For the first time ever, the diamond industry is united and determined to create its own trade platform, which is transparent and independent, not from a private company,” Yodor Diamonds said in an official statement shared via WhatsApp.
“There is no meaning in freezing a price list, which we never agreed to.”
Price Protest Déjà Vu
A similar controversy arose in 2008 but, back then, it was a price hike (as much as 25 percent for some goods) amid the financial crisis and just ahead of the Las Vegas jewelry trade shows that roiled dealers.
This time, however, there is growing sentiment among dealers worldwide Rapaport might have crossed a line that could spell the end of his long-standing trading platform.
“Prices haven’t gone up, prices haven’t gone down, prices haven’t gone anywhere,” New York-based diamond dealer Ronnie VanderLinden said in a phone interview Monday, noting trade has been non-existent for the past week and a half due to the coronavirus. “He really stepped over the line.”
In addition to being president of Diamex, one of the companies that has pulled its goods off RapNet, VanderLinden is president of the Diamond Manufacturers & Importers Association of America.
On Monday, he sent a statement to DMIA members suggesting they consider trading platforms other than RapNet, like IDEX, Polygon or Virtual Diamond Boutique, while also noting that a new, alternative industry platform is in the works.
“This is not an endorsement of any of these specific platforms at this point; I am only citing them as examples of existing viable alternatives,” the statement read. “Whether you continue to use Rapaport’s services is your decision and your decision alone. However, I urge you to consider other options as well.”
The letter goes on to state DMIA members “must consider the future well-being of our industry.”
“The time has come to diffuse and diminish Rapaport’s overwhelming and indeed conflicted control over our industry,” VanderLinden wrote. “Restoring this industry to a free, open and transparent marketplace is in our collective best interests.”
The Latest

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

The basketball stars wear men’s jewelry from the “Curb Chain” collection.


The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
The two organizations will hold the educational event together this fall in Mississippi.

The entrepreneur and “Shark Tank” star will share his top tips for success.

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.

Interior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.

During a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.

The free program provides educational content for jewelry salespeople and enthusiasts to learn or refresh their diamond knowledge.

The feedback will be used to prepare other jewelers for the challenges ahead, the organization said.

The online sessions are designed to teach jewelers to use AI tools like ChatGPT and Claude to grow their business.

The opening marks the jewelry retailer’s first location in the Midwest.

The “United in Love” collection offers tangible mementos of hearts entwined with traditional and non-traditional commitment heirlooms.

Robert Goodman Jewelers will hold a “Black Jewelry Designers and Makers” event on April 27.