Rapaport launches Chinese diamond-trading network

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Rapaport launches Chinese diamond-trading network

August 06, 2008

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New York—The Rapaport Group's RapNet Diamond Trading Network has launched RapNet China, the first multilingual Chinese and English diamond-trading network.

RapNet China gives Chinese diamond buyers direct access to global diamond markets and gives foreign diamond suppliers direct access to Chinese buyers, setting a new standard for diamond traders in the Far East, according to the Rapaport Group. These traders will now be able to deal directly with each other without any commission, advancing both the local Chinese market and the global marketplace.

The RapNet professional trading community has more than 3,800 members with daily diamond listings of more than 425,000 diamonds valued at more than $3.2 billion.

RapNet in coordination with Rapaport Diamond [Shanghai] Limited will provide a full range of support, fulfillment, shipping and clearing house services including guaranteed diamond transactions for RapNet members wishing to sell into the Chinese market. A broad range of Chinese language support, information and news services will also be provided.

Rapaport Shanghai is a member of the Shanghai Diamond Exchange since 2006 and is licensed to do business in China.

"We are pleased to offer China's jewelry industry the same high-quality diamond-trading network we bring to diamantaires throughout the world," RapNet Chief Operating Officer Saville Stern said in a media release issued on Tuesday. "This is an exciting new venture that will integrate China into the global diamond markets. It will give RapNet members exciting new opportunities to create new relationships and to expand their activities. We are excited to be opening the Chinese diamond market to the world."

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