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RapNet launches member rating system

December 11, 2008

New York--RapNet, the Rapaport Diamond Trading Network, has launched a new online member rating system that allows RapNet members to give feedback on transactions, performance and quality of service.

The system is intended to increase transparency among members of the RapNet community and to improve the safety of online transactions.

The system launches today.

The comments and ratings posted on RapNet will serve as important indicators of a trader's reputation and provide valuable knowledge to other members. Members' ratings will be made public so members can build up their reputations while allowing other members to benefit from their experiences.

RapNet Chief Operating Officer Saville Stern said, "The RapNet Member Rating System is an important new RapNet service that provides greater transparency and security. RapNet members will be able to monitor credit risk and supplier performance through a peer review system that will identify a more transparent and secure trading environment. RapNet members will operate with better information about each other, enhancing their ability to trade over the Internet. As RapNet continues to attract new members of the trade around the world, we are taking important steps to ensure a more transparent and secure electronic trading environment."

The RapNet professional diamond-trading community has 3,900 members with daily diamond listings of more than 525,000 diamonds valued at more than $4.13 billion.
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