Events & AwardsDec 20, 2024
Two Participants Complete Inaugural Ella Klein InternshipJamie Dunton and Gabriella Botelho are the first graduates of the program, created by the WJA Foundation and Julius Klein Diamonds.
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
CollectionsDec 20, 2024
Piece of the Week: Retrouvaí’s Ring for CharityIn the spirit of giving, Retrouvaí will donate $4,000 from the sale of this ring to the Los Angeles Regional Food Bank.
IndependentsDec 19, 2024
Michigan’s DeVries Jewelers Unveils New Location in Time for the HolidaysCo-owner Dan DeVries shared what it’s like moving into a space triple the size of its old store and how it feels to be a “real jeweler” now.
Brought to you by
De Beers Group Launches Holiday Campaign for Natural Diamonds‘Forever Present’ campaign revives the iconic A Diamond is Forever tagline and celebrates the diamond dream.
CollectionsDec 19, 2024
State Property Transforms Spain’s Generalife Gardens into JewelryAlong with the latest “Gardens” collection, the brand has released limited-edition designs offering more indulgent pieces.
Weekly QuizDec 19, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CrimeDec 19, 2024
Alleged Jewelry Thieves Attempt Rowboat EscapeThe man and woman are accused of stealing jewelry from a shipping container then trying to flee by paddling a small boat out into a bay.
AuctionsDec 18, 2024
Alexandrite Ring Sells for Record-Setting $1.9M at Sotheby’sThe nearly 17-carat stone made history for the color-change gem that, according to the auction house, is experiencing a “notable surge” in the market.
Brought to you by
Advocacy and Excellence: How Jewelers of America Is Committed to Elevating Our Industry For over a century, Jewelers of America has been the voice of the industry and valuable resource to jewelers across the country.
WatchesDec 18, 2024
Historic Titanic Pocket Watch Winds Its Way Back to Tiffany & Co. More than a century after survivors gifted a Tiffany timepiece to the captain of the ship that rescued them, the jeweler has reclaimed it.
TechnologyDec 18, 2024
Picchiotti Utilizes AI in ‘Spotlight’ Video CampaignThe videos highlight how pieces from the “Xpandable” and “Reversible Xpandable” collections put the wearer in the spotlight.
IndependentsDec 18, 2024
Industry Veteran Steve Feldman Set to RetireFeldman reflected on 45 years in the jewelry industry and clarified that it’s not a total retirement.
Events & AwardsDec 17, 2024
Chanel to Receive Gem Award for High Jewelry ExcellenceThe luxury brand is being honored for excellence in high jewelry design in its “Haute Joaillerie Sport” collection.
SourcingDec 17, 2024
Frank Circelli, Founder of Gem Shopping Network, Dies at 75Circelli was a pioneer in the world of TV shopping who is remembered for his passion for gemstones and his big personality.
AuctionsDec 17, 2024
Blue Diamond Fetches $8.8M at Christie’sThe nearly 6-carat stone headlined the recent jewelry auction, which also featured Mica Ertegun’s jewelry.
CrimeDec 17, 2024
‘Black Bin Crew’ Robbers Get 14-16 Years in Prison The three men, who got their nickname because they’d toss the jewelry they stole into black plastic bins, were arrested back in August.
TrendsDec 16, 2024
Marion Fasel’s New Book Delves Into the History of Engagement Rings“The History of Diamond Engagement Rings: A True Romance” is a 128-page small-format book containing more than 165 images.
WatchesDec 16, 2024
Take a Look Inside the New Rolex Boutique on Rodeo DriveGearys opened a 6,200-square-foot Rolex store with a design that pays homage to the brand’s connection to the ocean.
GradingDec 16, 2024
GCAL By Sarine Expands 8X to 2 More Fancy Shapes The diamond cut grade is now available for marquise- and pear-shaped diamonds.
SourcingDec 16, 2024
Diamonds Do Good Announces 2025 Award RecipientsDDG said the honorees’ business practices embody a commitment to positive social impact, industry innovation, and community empowerment.
TrendsDec 13, 2024
Selena Gomez Said ‘Forever Begins Now’ to Marquise Diamond Engagement RingEstimates on the size and value of the solitaire diamond, which is mounted on a diamond pavé-set yellow gold band, vary.
TrendsDec 13, 2024
Piece of the Week: Martin Katz’s Tanzanite Drops These half-moon tanzanite earrings totaling 25 carats are part of a special trunk show taking place this weekend in Dallas.
Recorded WebinarsDec 13, 2024
Watch: The Highs and Lows of 2024The National Jeweler editors recap the top news, the best jewels, and their favorite stories of the year.
AuctionsDec 12, 2024
Tom Brady’s Watches Top $4M at Sotheby’s AuctionThe highest-grossing lot of the sale was the retired QB’s Rolex Paul Newman Daytona “John Player Special.”
SourcingDec 12, 2024
Grizzly Emerald Auction Garners $22.4MRecent expansion initiatives at the Zambian emerald mine have shown strong production numbers, said Grizzly founder Abdoulaye Ndiaye.
MajorsDec 12, 2024
Mark Henry Appoints New Director of SalesCarrie Forman joins the brand to guide it into the next phase of growth with major and independent retailers in the U.S. and abroad.
SourcingDec 12, 2024
De Beers Announces 2024 ‘Shining Light’ Award WinnersThe competition awarded 12 designers, each from a country where De Beers recovers diamonds, with business support and tuition assistance.
CollectionsDec 12, 2024
The Jared Atelier x Vera Wang Collection Emphasizes EleganceThe high jewelry collection features 14 one-of-a-kind pieces, with serpent and ribbon motifs winding their way through the collection.
