Rapaport debuts certified-diamond standards

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Rapaport debuts certified-diamond standards

November 05, 2007

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New York—The Rapaport Group released today three certified-diamond standards that will be used to classify diamonds offered at the Rapaport Certified Diamond Auctions as well as on the RapNet and INDEX diamond-trading platforms.

Rapaport Diamond Specification 2 (RapSpec-2) will also become the standard for the Rapaport Price List.

"The introduction of a broader range of standards for certified-diamond categories is an important step in the development of fair, efficient and competitive diamond markets," Rapaport Group Chairman Martin Rapaport said in a statement. "More standardized diamonds will now be available for sale enabling improved availability and competition."

The new certified-diamond standards incorporate Gemological Institute of America (GIA) color, clarity and cut standards, with the minimum overall GIA cut grade remaining "Very Good." The first two standards focus on very precise cut details, and the third introduces medium blue fluorescence. RapSpec-2 eases requirements for depth and table percentages and allows for a minimum of "Good" rather than "Very Good" for polish and symmetry. RapSpec-3 is identical to RapSpec-2 except that medium blue fluorescence is allowed. The new standards can be reviewed at Diamonds.net/standards.

The new standards will be used at the next Rapaport Certified Diamond Auction to be held at Diamonds.net/auction on Nov. 29. While a broader range of diamond-cut qualities and prices will be offered, all diamonds will be guaranteed by Rapaport, GIA graded and well defined, ensuring that bidders know exactly what they are buying.

For more information about Rapaport Diamond Standards and the Rapaport Certified Diamond Auction, e-mail standards@diamonds.net or visit Diamonds.net.

Editor's note: For earlier developments in this story, see Rapaport progresses with certified-diamond auctions, tenders.

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