Forum ends with blast on Rap price list

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Forum ends with blast on Rap price list

By Michelle Graff

March 04, 2008

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New York—A relatively quiet day at The Plumb Club Forum ended with a few sparks on Monday when diamantaire Jeff Fischer, president of the International Diamond Manufacturers Association (IDMA), spoke out against the latest reorganization of the Rapaport Price List.

In one of the final speeches of the afternoon, Fischer, who said he was speaking "as a diamond guy" and not as head of an industry organization, called for Rapaport Chairman Martin Rapaport to "reconsider" the changes to his price list.

He said Rapaport made changes to his list to make it work from a graphic perspective since Rapaport recently added prices for larger stones to the list.

But, in an interview with National Jeweler on Tuesday, Rapaport defended his actions, saying the changes to the list were made in reaction to conditions in the market, not graphic appeal.

"That statement he made is false," Rapaport said.

Previously, the Rapaport Price List grouped stones into three price grids: 30 to 37 points, 38 to 45 points, and 46 and 49 points.

But Rapaport restructured it into two size groupings—30 to 39 points and 40 to 49 points—and added 10-carat stones.

Rapaport said based on his research, it is inappropriate in today's marketplace to sell 38- and 39-point stones with 40-point stones. He said his price list is an "honest and accurate" reflection of what's going on in the world.

"Everyone is encouraged to voice their views and their suggestions as to how we can do a better job (with the list)," Rapaport said.

Also at The Plumb Club Forum on Monday:

Jean-Marc Lieberherr, general manager of Rio Tinto Diamonds NV, said his company was "into diamonds for good."

Rio Tinto recently staved off a $147 billion buyout attempt by larger rival BHP Billiton.

Though Lieberherr said Rio Tinto has no interest in expanding at the retail level, it is looking at transitioning to underground operations at the Argyle and Diavik mines.

In addition, Lieberherr said, the company is concentrating on assisting with the marketing of now-popular brown and pink diamonds.

Richard Lennox, executive vice president of JWT, the New York-based firm that handles the Diamond Trading Co. (DTC) advertising account, said, "the Internet is the Internet is the Internet."

He said what's important to the jewelry industry is marketing ideas that differentiate the products. He also called for fewer advertising campaigns and more collaboration in advertising and marketing among various sectors of the jewelry industry.

Recently, De Beers cut 11 employees from the DTC account at JWT, slashed its U.S. marketing budget and announced it was focusing on male-targeted advertising due to tough economic times.

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