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Rap to publish 'asking prices' list

November 07, 2008

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New York—From now on, when diamond dealers speak of prices on the Rap list, they will have to specify which one.

RapNet announced on Thursday that it has created a new list, the RapNet Price List, which will reflect "the best and average asking prices for specific categories of diamonds offered for sale by the diamond trade on RapNet."

It will be distinct from the traditional Rapaport Price List, which provides the diamond industry with a price guideline based on Rapaport's opinion of high cash asking prices.

The new list comes in the wake of a furor that erupted among diamond dealers after Martin Rapaport, chairman of the Rapaport Group, which produces the list, announced just before the Las Vegas jewelry shows this spring that the company was changing the traditional list to reflect across-the-board diamond price hikes of up to 25 percent that his company was observing in the marketplace. He explained that he increased the prices in response to volatility in the global diamond market due to a combination of factors, including growing wealth in emerging nations, continued economic troubles in the United States and speculation that was pushing up the prices of larger stones.

But dealers who rely heavily on the lists to do business griped that the higher prices were freezing the trade.

The new list seems designed to satisfy those issues.

"It [the new list] differs significantly from the traditional Rapaport Price List, which provides the diamond industry with a price guideline based on Rapaport's opinion of high cash asking prices," a press release on the new list said. "The RapNet Price List is not based on opinion, but is solely based on actual diamond trade asking prices as presented on RapNet. As such, it changes in real time and may be much more volatile."

Rapaport's RapNet is the largest diamond-trading network in the world with daily listings of more than $4 billion and 450,000 laboratory-graded diamonds.
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