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Rapaport launches certified-diamond auction

September 19, 2007

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New York—The Rapaport Certified Diamond Auction, the first step in the Rapaport Group's effort to commoditize diamonds, is taking place online this week through Sept. 20 at 5 p.m. EST.

Bidding is restricted to members of the diamond trade and financial institutions at Diamonds.net/auction, but the site and catalog of 210 diamonds are open to the public. Consumers may bid through a local jeweler or contact Rapaport for the name of a registered bidder.

Rapaport has selected all the diamonds, which are round cut, one to two carats, D-K in color and IF-VS in quality. They are also certified and guaranteed with Gemological Institute of America "Excellent" to "Very Good" grading reports.

"The diamond industry is becoming more transparent as it moves form monopolistic price control to free, fair, efficient and competitive markets," Rapaport Group Chairman Martin Rapaport said in a statement. "The Rapaport monthly auctions will provide consistent, standardized transaction prices that enable the development of diamond derivative and futures markets. The integration of the diamond and financial markets will provide synergistic opportunities for everyone."

The monthly auctions are intended to provide the basis of a definitive Rapaport Diamond Index based on transaction prices. It will then be used to develop a diamond futures market and other diamond-related financial products, with the goal of establishing diamonds as a broadly traded and invested in commodity.

For more information, visit the Rapaport Certified Diamond Auction Web site, Diamonds.net/auction.
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