CrimeFeb 06, 2026
Florida Man Sentenced After Selling Fake Native American Jewelry for a Decade Prosecutors say the man attended arts and craft fairs claiming he was a third-generation jeweler who was a member of the Pueblo tribe.
SourcingMar 24, 2020
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.
This is a screenshot taken Tuesday of @stock_off_rapnet, the Instagram account started in protest of the recent price cuts to the Rap list. The Instagram account ignited a global movement, with hundreds of dealers pulling their diamonds off the trading platform.
New York—Hundreds of diamond companies have removed their goods from RapNet after Martin Rapaport cut prices by an average of 7 percent across all types and sizes.
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 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
In Sunday’s interview with National Jeweler, Rapaport dug in his heels when asked if he would consider rolling back the price cut: “No way. I’m not a liar,” he said.
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.
Editors' Picks
Sponsored by
“Many have expressed outrage about the reduction of prices in our March 20 price list. Others have asked that we suspend publishing the price list. While we reject the idea that prices have not declined and requests that we recall the March 20 price list, we are receptive to calls for a short-term suspension of the price list,” the letter reads, noting this would mark the first suspension of the list in its 42-year history.
Voting was slated to close around 10 a.m. EDT Tuesday, but the rallying cry on Monday afternoon among those who united via @stock_off_rapnet was for another boycott—a boycott of the vote.
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
This is not the first time RapNet has caused an uproar.
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.”
More on Sourcing
The Latest
FinancialsFeb 06, 2026
Pandora’s North America GM Departs Amid Executive ChangesNew CEO Berta de Pablos-Barbier shared her priorities for the Danish jewelry company this year as part of its fourth-quarter results.
TrendsFeb 06, 2026
Margot Robbie, Jacob Elordi Wear Matching Cece Jewellery Signet RingsOur Piece of the Week picks are these bespoke rings the “Wuthering Heights” stars have been spotted wearing during the film’s press tour.
Brought to you by
The MJSA Mentor & Apprenticeship Program: Attracting & Training the Next Generation of Bench JewelersLaunched in 2023, the program will help the passing of knowledge between generations and alleviate the shortage of bench jewelers.
MajorsFeb 05, 2026
Pandora to Begin Selling Platinum-Plated JewelryThe introduction of platinum plating will reduce its reliance on silver amid volatile price swings, said Pandora.
Weekly QuizFeb 05, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
IndependentsFeb 05, 2026
Borsheims to Undergo Massive Renovation in the Spring The Omaha jewelry store’s multi-million-dollar renovation is scheduled to begin in mid-May and take about six months.
CollectionsFeb 05, 2026
Marco Bicego’s Amethyst Collection Travels to a Purple ParadiseThe “Paradise Amethyst” collection focuses on amethyst, pink tourmaline, garnet, and 18-karat yellow gold beads.
Brought to you by
How Jewelers Can Fight Back Against Cell JammersCriminals are using cell jammers to disable alarms, but new technology like JamAlert™ can stop them.
FinancialsFeb 05, 2026
Watches of Switzerland Reports Strong Holiday Results in Q3The retailer credited its Roberto Coin campaign, in part, for boosting its North America sales.
ColumnistsFeb 04, 2026
January Jewelry Sales: More Dollars Spent, Fewer Units Sold Sherry Smith unpacks independent retailers’ January performance and gives tips for navigating the slow-growth year ahead.
MajorsFeb 04, 2026
What Designers Should Know About Saks Global’s BankruptcyFrom how to get an invoice paid to getting merchandise returned, JVC’s Sara Yood answers some complex questions.
TrendsFeb 04, 2026
Amanda’s Style File: February Birthstone BlissAmethyst, the birthstone for February, is a gemstone to watch this year with its rich purple hue and affordable price point.
MajorsFeb 04, 2026
Marco Bicego Names New Global Marketing DirectorThe Italian jewelry company appointed Matteo Cuelli to the newly created role.
MajorsFeb 04, 2026
Frederick Goldman Updates Leadership TeamThe manufacturer said the changes are designed to improve speed, reliability, innovation, and service.
Policies & IssuesFeb 03, 2026
Tariff Relief on Horizon for India as Trump, Modi Make DealPresident Trump said he has reached a trade deal with India, which, when made official, will bring relief to the country’s diamond industry.
CollectionsFeb 03, 2026
Jade Trau Releases New Charms, Introduces RondellesThe designer’s latest collection takes inspiration from her classic designs, reimagining the motifs in new forms.
WatchesFeb 03, 2026
Casio America Calls Jersey City HomeThe watchmaker moved its U.S. headquarters to a space it said fosters creativity and forward-thinking solutions in Jersey City, New Jersey.
GradingFeb 02, 2026
IGI to Acquire American Gemological Laboratories IGI is buying the colored gemstone grading laboratory through IGI USA, and AGL will continue to operate as its own brand.
CrimeFeb 02, 2026
Ylang 23’s Dallas Store BurglarizedThe Texas jeweler said its team is “incredibly resilient” and thanked its community for showing support.
EditorsFeb 02, 2026
Stars Choose Chokers, Elongated Earrings at 2026 GrammysFrom cool-toned metal to ring stacks, Associate Editor Natalie Francisco highlights the jewelry trends she spotted at the Grammy Awards.
CollectionsFeb 02, 2026
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the fact that the 2026 Olympics are taking place in two different cities.
SurveysJan 30, 2026
These Are the Top Brands of 2026, Says YouGovFrom tech platforms to candy companies, here’s how some of the highest-ranking brands earned their spot on the list.
CollectionsJan 30, 2026
Follow the Beat With Etiq’s ‘Khol’ RingThe “Khol” ring, our Piece of the Week, transforms the traditional Indian Khol drum into playful jewelry through hand-carved lapis.
MajorsJan 30, 2026
Arch Crown’s 2026 ‘Tag & Label’ Catalog Is HereThe catalog includes more than 100 styles of stock, pre-printed, and custom tags and labels, as well as bar code technology products.
CollectionsJan 29, 2026
Ghirardelli’s ‘Chocolocket’ Returns for Valentine’s DayThe chocolatier is bringing back its chocolate-inspired locket, offering sets of two to celebrate “perfect pairs.”
AuctionsJan 29, 2026
These Were Bonhams’ Top 10 Jewelry Lots in 2025The top lot of the year was a 1930s Cartier tiara owned by Nancy, Viscountess Astor, which sold for $1.2 million in London last summer.
SourcingJan 29, 2026
Stuller Website to Mark AGTA-Sourced GemstonesAny gemstones on Stuller.com that were sourced by an AGTA vendor member will now bear the association’s logo.
