Monday 17th June 2019

JCK Las Vegas: RapNet Community Excludes Synthetics from the Pricelist

[Rapaport] A few months ago, Martin Rapaport, founder of the world’s largest diamond trading network,  Rapaport's RapNet, sent a survey out to his subscribers to gauge their interest and opinion on creating a diamond listing and pricing services for synthetic diamonds.  More than seven thousand diamantaires (diamond dealers) responded to the survey, the results of which were revealed at the annual Rapaport Breakfast at JCK Las Vegas.

The response was resoundingly clear with  79 % of the members voting against a synthetics trading platform. The members also massively rejected the idea of a synthetic price list, with 74% of the members polled voting against it, while 88% expressed a need for full disclosure of treatments to synthetic diamonds. 85%  of the members said they would support the establishment of a natural-diamond organization, a project that is not supported by the World Federation of Diamond Bourses (WFDB).

Rapaport has since confirmed that RapNet will not be providing a trading platform for synthetics or introduce a price list for synthetics. In addition, he has also offered his support on the reputable harm that synthetics cause the natural diamond industry due to:

  • Synthetics being mixed with natural diamonds in jewelry.  

  • Dealers of synthetics making false claims about the ethical benefits of synthetic diamonds and ignoring the benefits of natural diamonds.

“We believe the current prices for synthetic diamonds are artificial, as they are based on misleading disclosure” before concluding with, “Diamonds are a reflection of all of us, and of the commitment between people that love each other”.

Source: Rapaport - Rapnet
Image courtesy: i.imgur.com

Tags: Rapaport, Synthetics, Las Vegas

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