Seven out of 40 lots move at latest Rap auction

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Seven out of 40 lots move at latest Rap auction

February 07, 2008

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New York—January proved to be as tough a month for the Rapaport Certified Diamond Auction as the holiday season was for the majority of retailers.

Results posted on the Rapaport Web site, Diamonds.net, show seven out of 40 lots, or 17.5 percent, sold at the latest auction, held online on Jan. 31.

Prices for the seven stones sold ranged from $5,055 to $56,672.

The highest-priced stone sold was a 3.52-carat diamond that is H color, VS1 clarity and graded "excellent."

Next highest in price was a 1.01-carat round stone with D color, IF clarity and graded "excellent," which went for $16,397.

The auction is the latest in a series of online diamond auctions created by Rapaport Chairman Martin Rapaport in an effort to create a futures market for diamonds.

The auctions started on Sept. 20; the Jan. 31 auction marked the fifth online sale of diamonds by Rapaport.

Rapaport is not the only organization to begin peddling diamonds via virtual auctions.

Diamdel, a De Beers Group rough supplier with offices in Antwerp, Belgium; Hong Kong; and Tel Aviv, Israel, held the industry's first auction of rough on Jan. 28.

All 16 lots sold, purchased by 14 separate buyers.

Buyers from all over the world, including Antwerp, India, Tel Aviv and the Far East, participated.

Editor's note: For earlier developments in this story, see Rapaport auction set for Thursday.

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