Rapaport Auction Introduces New Standards
Rapaport have announced they are broadening the specifications for their Rapaport Certified Diamond Auction on Thursday November the 29th 2007. It was considered that reserve prices for buyers were to high for many buyers due to their overly strict diamond quality standards and auctions will in the future feature more diamonds at popular discount levels.They stated:
“All diamonds will continue to have GIA â??Very Goodâ? and â??Excellentâ? cut grades and be guaranteed by Rapaport. The new RapSpec-2 will allow for broader tolerances enabling discounts in the 20% to 30% range. RapSpec-3 is identical to RapSpec-2 but allows for medium blue fluorescence.”
Please note, the Rapaport Price List is based on the cut and florescence standards of RapSpec-2. See new Rapaport Specification tables below and in attachment.
Diamonds meeting Rap-Spec 1, 2 and 3 may be submitted for auction through Thursday, November 22, at Rapaport offices in New York, Antwerp, Ramat Gan, and Mumbai. Only diamonds that pass inspection and have reasonable reserve prices will be accepted.
All members of the diamond trade are urged to bid at auction. Bidding procedures have been simplified and can be competed online at www.diamonds.net/auction. For additional information please visit the auction website, email auction@diamonds.net or call +1-702-425-9007 for personalized service.
This is likely to improve the take up of diamonds and increase the flow through to the retail market. The new specifications can be viewed at www.diamonds.net/standards.
The Rapaport Report is probably considered the jewelry industry standard for the pricing of diamonds world wide. The report is published weekly and given to jewelers and diamond merchants to set the price for consumers. The report is issued in the form of a table and prices the diamonds based on the 5 C’s of diamonds(carat, cut, cost, clarity, and color) the table shows prices for diamonds based on the carat, color, cut, and clarity. The Rapaport List is copyrighted and available only to subscribers of its magazine.