ColumnistsJan 22, 2025
On Data: How Did Independent Jewelers Fare in 2024? Sherry Smith shares data on the year gone by, including the breakdown between natural and lab-grown diamond sales.
SourcingMar 26, 2020
The Rap Price List Is Suspended Until May 1
While it remains in limbo, others are stepping in to offer free membership or even launch new platforms.
New York—The Rapaport Group won’t publish a new price list for the next five weeks with the spread of COVID-19 bringing diamond trading to a standstill worldwide.
In a vote that closed Tuesday, Rapaport Group said 72 percent of RapNet members said they want to postpone publication of the next price list until Friday, May 1. (The Rap list normally comes out every Friday.)
Only about a quarter (28 percent) voted to continue publishing the price list every week.
The March 20 price list—the list that has caused an uproar among dealers—remains in effect until May 1.
Rapaport Group’s report on the vote follows a tumultuous couple of days in the diamond industry.
When the list came out last Friday, RapNet members noticed prices had gone down a substantial amount, a decision Rapaport Group Chairman Martin Rapaport said he made to reflect what he saw happening in the market.
“I am doing my job—to communicate diamond prices and to establish a fair balance,” he told National Jeweler during a Skype interview Sunday. “I can’t put out false information.”
In other words: don’t shoot the messenger.
The rollback angered dealers worldwide, many of whom countered that prices couldn’t have gone up or down because, as Diamond Manufacturers & Importers Association of America President Ronnie VanderLinden put it in a statement to members, the industry is operating “in a vacuum of zero trades” due to the coronavirus.
“If Rapaport was dedicated to maintaining stability in the marketplace, he could, and indeed should have, simply announced a suspension of his price list until this crisis is behind us. His actions have done nothing more than try to further destabilize a market in crisis,” the statement reads.
Rapaport told National Jeweler he will not consider rolling back the price cut but did organize the vote for RapNet members on suspension of the list—but at the March 20 levels.
Following the price cut, hundreds of diamond companies removed their diamonds from RapNet, with many vowing to find an alternative to the Rap list, which has been in use for 42 years.
Meanwhile, as the Rap list is suspended—and resentment over the price drop remains palpable—other platforms and organizations are stepping in to offer free membership or even launch new platforms.
News of these offers have been popping up all week as momentum built behind the movement to defect from RapNet.
Rapaport Group did not respond by deadline
to email inquiries on how many companies have removed their diamonds from RapNet, but a source told National Jeweler Thursday morning there have been about 500 companies so far, witih a total of $5 billion in goods gone from the site.
A statement from the World Federation of Diamond Bourses, the umbrella organization for diamond trading halls worldwide, began circulating an announcement about the launch of a WFDB trading platform.
The trading platform will be open to all WFDB members from all bourses, and all transactions will be backed by its arbitration system, it said.
The organization said the new site will go live “in due course.” In the meantime, the Israel Diamond Institute has opened up its trading platform, Get-Diamonds.com, to all WFDB members.
Although the WFDB statement does not mention Martin Rapaport or RapNet by name, it does seemingly allude to the growing notion that the industry needs a replacement for—or, at least, viable alternatives to—RapNet, stating its new platform would “strongly contribute” to “healthy competition.”
IDEX sent out a letter signed by Chairman Ehud Cohen and Tamar Katzav, chief operating officer, stating it is making its diamond trading platform available for free to all newcomers until August. The letter also provided a link to contact information for its offices worldwide.
IDEX said its price index is updated every hour and is derived from its trading inventory of more than 700,000 polished diamonds.
Like WFBD, IDEX does not call out Rapaport by name, but the letter states in part, “We strongly believe that a bold, new vision is what will take us through this turmoil and beyond, to thrive and prosper once more.”
It also makes subtle references to other criticisms lobbed at RapNet. The IDEX price index is described as being “unbiased” and “accurately reflects price trends as they happen in real time, such as the drop of over 2 percent since the start of March.”
Last Friday’s drop in the Rap list was steeper, with prices down an average of 7 percent across the board.
Virtual Diamond Boutique circulated a reminder online that it “always was, always will be” free, and invited buyers to join.
And, on Wednesday morning, diamond marketplace Nivoda said it was freezing its prices to the March 6 Rap list because many members requested it.
The prices will remain frozen for a minimum of three months, giving the industry “time to decide how pricing will be handled going forward.”
“We believe, by freezing the price list, we will allow the discounts at which goods are sold to be the true indication of market prices,” CEO David Sutton said.
A statement from the World Federation of Diamond Bourses, the umbrella organization for diamond trading halls worldwide, began circulating an announcement about the launch of a WFDB trading platform.
The trading platform will be open to all WFDB members from all bourses, and all transactions will be backed by its arbitration system, it said.
The organization said the new site will go live “in due course.” In the meantime, the Israel Diamond Institute has opened up its trading platform, Get-Diamonds.com, to all WFDB members.
Although the WFDB statement does not mention Martin Rapaport or RapNet by name, it does seemingly allude to the growing notion that the industry needs a replacement for—or, at least, viable alternatives to—RapNet, stating its new platform would “strongly contribute” to “healthy competition.”
IDEX sent out a letter signed by Chairman Ehud Cohen and Tamar Katzav, chief operating officer, stating it is making its diamond trading platform available for free to all newcomers until August. The letter also provided a link to contact information for its offices worldwide.
IDEX said its price index is updated every hour and is derived from its trading inventory of more than 700,000 polished diamonds.
Like WFBD, IDEX does not call out Rapaport by name, but the letter states in part, “We strongly believe that a bold, new vision is what will take us through this turmoil and beyond, to thrive and prosper once more.”
It also makes subtle references to other criticisms lobbed at RapNet. The IDEX price index is described as being “unbiased” and “accurately reflects price trends as they happen in real time, such as the drop of over 2 percent since the start of March.”
Last Friday’s drop in the Rap list was steeper, with prices down an average of 7 percent across the board.
Virtual Diamond Boutique circulated a reminder online that it “always was, always will be” free, and invited buyers to join.
And, on Wednesday morning, diamond marketplace Nivoda said it was freezing its prices to the March 6 Rap list because many members requested it.
The prices will remain frozen for a minimum of three months, giving the industry “time to decide how pricing will be handled going forward.”
“We believe, by freezing the price list, we will allow the discounts at which goods are sold to be the true indication of market prices,” CEO David Sutton said.
More on Sourcing
The Latest
Policies & IssuesJan 22, 2025
Jewelers Mutual Steps Up Aid for LA Jewelry BusinessesThe company also is matching donations made to Jewelers of America and the Diamond Council of America’s Jewelers Relief Fund.
Events & AwardsJan 22, 2025
JA Seeking Nominations for Its Next ‘20 Under 40’ ClassNow in its fourth year, the program is expanding to include a list of “20 Under 40” for jewelry suppliers.
Brought to you by
3 New Year’s Resolutions for Jewelry Lovers The new year feels like a clean slate, inspiring reflection, hope, and the motivation to become better versions of ourselves.
SurveysJan 22, 2025
Holiday Sales Hit Record High, Says NRFCore retail sales during the 2024 holiday season surpassed the National Retail Federation’s forecast.
Weekly QuizJan 16, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJan 22, 2025
Foundrae’s New Collection Channels the Power of NowThe “Reach for Life” collection uses feather and arrow motifs to invite growth and inner curiosity.
ColumnistsJan 21, 2025
Peter Smith: Sales Training’s Dirty Little SecretPeter Smith pulls back the curtain on the often misinterpreted, and sometimes maligned, world of sales training.
Brought to you by
A Diamond Is Forever Celebrates "Forever Present" Holiday CampaignA Diamond is Forever hosted a holiday celebration in honor of their new marketing campaign, ‘Forever Present.’
TrendsJan 21, 2025
Amanda’s Style File: Decadent Mocha MoussePantone’s 2025 Color of the Year takes the form of jewelry through gemstones and enamel that look just as delicious as mocha mousse.
Policies & IssuesJan 21, 2025
These Designers and Retailers Are Raising Money for LA Wildfire Relief From raffles to auctions to donations, the industry is working to aid charities in Los Angeles amid the raging wildfires.
FinancialsJan 17, 2025
Richemont’s Jewelry Sales Rise 14% in Holiday QuarterThe company, which owns Cartier and Van Cleef & Arpels, had a record Q3, with sales topping $6 billion.
CollectionsJan 17, 2025
Piece of the Week: Picchiotti’s Transformable ‘Classic Blue and Green’ NecklaceThe necklace features a sapphire drop weighing more than 9 carats that detaches to transform into a ring.
MajorsJan 17, 2025
Tiffany & Co., CFDA Name First Winner of Jewelry Designer AwardJameel Mohammed, founder of Afrofuturist brand Khiry, will receive a cash prize and a one-year paid fellowship with Tiffany & Co.
IndependentsJan 16, 2025
Lux Bond & Green to Open Sixth LocationThe 127-year-old jeweler is planning to open a new store in Mystic, Connecticut.
WatchesJan 16, 2025
Timex Launches Collection of National Park WatchesThe watches’ dials feature artwork celebrating the vibrant energy and unique landscapes of six of America’s national parks.
AuctionsJan 16, 2025
Elizabeth Taylor’s Diamond Line Bracelet Going up for Auction Offered by U.K. auction house Woolley & Wallis, the yellow diamond bracelet was a gift from Taylor’s good friend Michael Jackson.
Events & AwardsJan 16, 2025
JCK Las Vegas 2025 Open for RegistrationThe jewelry trade show returns to The Venetian Expo and The Venetian Resort in Las Vegas from June 6 to 9.
EditorsJan 15, 2025
The Jewelry I’d Bid On in Christie’s Iris Apfel AuctionAssociate Editor Natalie Francisco highlights her favorite fashion jewelry pieces from the upcoming “Unapologetically Iris” auction.
MajorsJan 15, 2025
Macy’s to Close 66 Stores as Part of Turnaround StrategyThe closures are part of the retailer’s plan to close 150 locations over a three-year period.
Policies & IssuesJan 15, 2025
JVC Debuts Guide to Americans with Disabilities Act ComplianceThe online guide is available for free and written with the jewelry industry in mind.
Events & AwardsJan 15, 2025
Jose Hess Design Awards Open for SubmissionsThe awards honor the late Jose Hess, a founding member of AJDC and an award-winning jewelry designer.
GradingJan 14, 2025
GIA CEO, President Susan Jacques to Retire at the End of 2025The grading lab said the search for her successor is underway.
ColumnistsJan 14, 2025
Jules Kim: Building Bridges Between Creators and IndustryIn this special op-ed, designer Jules Kim calls on big brands to collaborate with independent creators instead of copying their designs.
GradingJan 14, 2025
Former SSEF Director Henry A. Hänni DiesA pioneering figure in gemology, he is remembered for his spirit of generosity, curiosity, and joy.
FinancialsJan 14, 2025
Signet Jewelers Lowers Q4 Guidance After Holiday Sales Fall ShortThe peak selling days leading up to Christmas did not meet the jewelry retailer’s expectations.
MajorsJan 14, 2025
Edouard Schneider Joins Messika as Chief Brand OfficerSchneider brings over 20 years of luxury and fashion industry experience to his role as a key member of the brand’s global leadership team.
TechnologyJan 13, 2025
Ultrahuman Unveils Luxury Smart RingWith versions in 18-karat gold and platinum, the wearables company is blending health technology and fine jewelry.
