Rapaport to hold certified diamond auction

Diamonds

Save

E-mail

Rapaport to hold certified diamond auction

August 15, 2007

Similar Stories | Topics

STORIES

Rap to publish 'asking prices' list

Rap takes heat over price list increases

Rapaport backpedals on steep price list hike

TOPICS

Auctions

New York—The Rapaport Guaranteed and Certified Diamond Auction will take place from Sept. 17-20, marking the first step toward creating a diamond futures market based on monthly transaction prices.

The auction will offer select, round 1-carat and larger diamonds that have been selected, approved and guaranteed by Rapaport and that are accompanied by a Gemological Institute of America (GIA) grading report.

Diamonds chosen must be in the range of D-K, IF-VS2, Excellent to Very Good cut GIA graded stones. They will be available for inspection in New York. Bidding will take place online and will be restricted to the trade and financial institutions. Terms for the auction are spot cash, with a Free on Board (FOB) in New York and 3 percent fee to the seller.

"We are implementing stringent Rapaport quality standards and guarantees in addition to GIA's first-class grading reports to make sure that buyers get the best diamonds," said Martin Rapaport, chairman of the Rapaport Group, in a statement. "All the diamonds will be highly desirable and liquid, ensuring suitability for all buyers including investors who may wish to resell the diamonds. We encourage the diamond and jewelry trade to participate in these auctions, and we will do everything we can to create new market opportunities for everyone in our industry."

A leader in the area of diamond pricing information and Internet diamond trading networks, Rapaport hopes to evolve diamond pricing to create greater transparency and set transaction price benchmarks for certified diamonds. The auctions will be designed to establish a trading platform for diamonds that the company says will ensure liquidity and fair market prices.

Buyers and sellers wishing to participate in the auction should e-mail auction@diamonds.net. For more information, go to www.diamonds.net/auction.

Save

E-mail

Diamonds

Industry calling for swift action on Zimbabwe

Jewelers of America is calling on the Kimberley Process to fully and quickly implement a work plan to address the serious concerns surrounding Zimbabwe's non-compliance with the Kimberley Process Certification Scheme, the system designed to keep conflict diamonds out of the international trade, and the reported human rights abuses in the Marange diamond fields. Read More

Sotheby's reports record-breaking sales in Geneva

Diamond symposium focuses on 'new normal'

More Diamonds

More Like This

Rap to publish 'asking prices' list

November 07, 2008 | National Jeweler Network

Rap to publish 'asking prices' list

November 07, 2008 | National Jeweler Network

Rap takes heat over price list increases

June 03, 2008 | National Jeweler Network

Rapaport backpedals on steep price list hike

May 29, 2008 | National Jeweler Network

Rapaport backpedals on steep price list hike

May 29, 2008 | National Jeweler Network

TOPICS

Auctions

Video

Retailer Toolbar

America's Best Jewelers
Join the ONLY Social Network for Jewelry Retailers. Get access to expert content, peer best practices, and more.
Start networking today.

Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.

ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.

Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.

Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.

CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.