Sourcing

The Rap Price List Is Suspended Until May 1

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.
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Fabergé Imperial Winter Egg
AuctionsOct 09, 2025
This Fabergé Egg Could Crack $27M At Auction

“The Winter Egg” set the world auction record for a Fabergé piece twice at previous Christie’s sales.

Kessler watch battery recycling program
MajorsOct 09, 2025
Sy Kessler Buying Watch Batteries as Silver Hits Record High

The company will pay 1.5x silver’s current spot price for each pound of silver oxide batteries submitted.

Katkim Men’s Collection Shadow Pendant Necklace and Anerise Signet Band
CollectionsOct 09, 2025
Katkim Launches First Men’s Collection

The line includes a “Shadow” series crafted exclusively for the new men’s offering and reimagined styles from the brand’s core collections.

ja_fall_2024_by_headshot_stories_6824.jpg
Brought to you by
JA New York Fall Is Right Around the Corner

The upcoming show provides savvy retailers with the opportunity to stock their cases with best sellers in advance of the holiday season.

“Storied Diamond Desert Sands of Eternity” engagement ring and wedding band
SourcingOct 08, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey

The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.

Weekly QuizOct 09, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Emily P. Wheeler Ombré Collection Campaign
CollectionsOct 08, 2025
Emily P. Wheeler Shifts Into Neutral for Latest ‘Ombré’ Collection

The champagne colorway in her newest “Ombré” collection combines white and trendy brown diamonds, a departure from her usual vibrant hues.

MRK x MFA Tsuba Charm Necklace Collection Campaign
CollectionsOct 08, 2025
Tsuba Designs Inspire Monica Rich Kosann’s New Charms

Kosann partnered with the Museum of Fine Arts, Boston, to create a set of necklaces inspired by the artwork on samurai sword handguards.

gia-edu main image.png
Brought to you by
A Brilliant Future Is Here

Online education from GIA experts.

Stock image of a gavel and law books
CrimeOct 07, 2025
Men Who Posed as Utility Workers Found Guilty in Jeweler’s Murder

Carlos Jose Hernandez and Joshua Zuazo face life in prison for the October 2024 murder of 72-year-old Detroit-area jeweler Hussein Murray.

Zoë Kravitz Wearing Jessica McCormack Tempest Sapphire Pendant and Tempest Diamond Necklace
CollectionsOct 07, 2025
Jessica McCormack Looks to Sea Spirits for ‘Tempest’ Collection

The brand’s first high jewelry collection, “Tempest” plays with movement while calling to mind the folklore of the sea.

Lightning Ridge Rural Fire Brigade
SourcingOct 07, 2025
Columbia Gem House Announces ‘Opals for Outback Heroes’ Fundraiser

Proceeds from its jewelry raffle will go to a volunteer-run fire and rescue group in the Lightning Ridge area of New South Wales, Australia.

Stuller 2025 S.E.R.V.E. Star Awards winners
MajorsOct 07, 2025
Stuller Names Its S.E.R.V.E Stars for 2025

Stuller said the recipients embody the company’s core values, which include community participation and personal and professional growth.

All four models of Citizen’s new Rainell watch
WatchesOct 06, 2025
This Fall, Citizen’s Forecast Calls for Rain

Citizen’s new “Rainell” women’s watch has a raindrop-shaped case and is available with a silver-, gold-, purple-, or green-colored dial.

Mercedes Gleitze Rolex Oyster 1926
AuctionsOct 06, 2025
The ‘Rolex That Made Rolex’ Heads to Auction at Sotheby’s

The “Mercedes Gleitze Rolex Oyster,” named for the British endurance swimmer who made it famous, will go up for sale next month.

Amit Pratihari GIA India
GradingOct 06, 2025
GIA India Names Former De Beers Exec as New Managing Director

Amit Pratihari was previously the managing director of De Beers India and Forevermark India.

DCWC 2025 Board of Directors
SourcingOct 06, 2025
SoCal 24 Karat Club Integrates Into Diamond Club West Coast

Members of the Jewelers 24 Karat Club of Southern California will gain access to expanded services, resources, and connections, DCWC said.

Selena Gomez and Benny Blanco Wedding, Jacob & Co. Watch
TrendsOct 03, 2025
Selena Gomez, Benny Blanco Tie the Knot Wearing Diamonds, White Metals

Gomez’s jewelry included Tiffany & Co. drop-style earrings while Blanco stacked diamonds from Jacob & Co. on his wrist.

HRD Antwerp CEO Paul De Wachter
GradingOct 03, 2025
Grading Lab HRD Antwerp Names New CEO

Diamond industry banking veteran Paul De Wachter will take on the role in January 2026.

Taylor Swift Kallati sapphire ring
TrendsOct 03, 2025
Piece of the Week: Kallati’s Pink Sapphire Ring

Taylor Swift flaunts an Elizabeth Taylor-esque gemstone in promo for her new album, “The Life of a Showgirl.”

Boucheron Quatre Sand Collection
CollectionsOct 02, 2025
Boucheron Debuts Cuffs Crafted With 3D-Printed Sand

Its “Quantre Sand” capsule was made using a 3D sand printing technique borrowed from the automotive and aeronautics industries.

Stock image of crime scene tape
CrimeOct 02, 2025
$1M in Jewelry Stolen in Northern California Smash and Grab

Four individuals have been charged in the “takeover-style” robbery of Heller Jewelers last month, and additional charges are expected.

Neil Lane and Boucheron bow tie brooch
MajorsOct 02, 2025
Neil Lane Jewelry Exhibition Coming to Toledo Museum of Art

“Radiance and Reverie” will showcase more than 150 jewels from Lane’s personal collection by Tiffany & Co., Cartier, and more.

Just Jules opal necklace
TrendsOct 02, 2025
Amanda’s Style File: October’s Colorful Show

The month’s birthstones, tourmaline and opal, complement the palette of autumn.

Peter Smith National Jeweler columnist
ColumnistsOct 01, 2025
Peter Smith: Why Vendor Success Starts With Self-Reflection

Smith shares the importance of looking at your company with openness and honesty to identify opportunities you may be missing.

Plah Black Swan Earrings
EditorsOct 01, 2025
Playing Favorites: The Best Jewelry From Vicenzaoro

Associate Editor Natalie Francisco visited Italy to spot jewelry trends at the September Vicenzaoro show and share her top finds.

People shopping in a mall
SurveysOct 01, 2025
Consumer Confidence Hits 5-Month Low in September

Respondents were concerned about job availability and rising prices.

Gemfields rough emeralds
SourcingOct 01, 2025
Gemfields’ H1 Revenue Falls 47%

Its latest interim financials revealed a challenging first half due in part to production troubles at its mines.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy