RapNet Votes No on Synthetic Diamonds
RAPNET VOTES NO ON SYNTHETIC DIAMONDS
RAPAPORT CALLS FOR $1 BILLION DIAMOND MARKETING CAMPAIGN
RAPAPORT PRESS RELEASE, June 5, 2019, Las Vegas … Members of RapNet the world’s largest diamond trading network with daily listings of $7.5 billion voted overwhelmingly against introducing services for synthetic diamonds. The following are the voting results for the five issues polled.
Should RapNet provide listings for synthetic diamonds? No: 5,934 (79%), Yes: 1,607 (21%)
Should Rapaport publish a price list for synthetic diamonds? No: 5,232 (74%), Yes: 1,885 (26%),
Should synthetic diamonds be required to disclose color
and other treatments applied after their creation? Yes: 5,892 (88%), No: 819 (12%
Should synthetic diamonds require disclosure that they are
different from natural diamonds as they have no supply limitations? Yes: 5,528 (85%) No: 1,104 (15%)
Following the vote RapNet announced it would not list synthetic diamonds on its trading network and Rapaport USA announced it would not publish a price list for synthetic diamonds.
In a keynote address at the Las Vegas JCK jewelry show Martin Rapaport called on the diamond industry to support a $1 billion marketing campaign for natural diamond engagement rings. He also called on those selling synthetic diamonds to make full disclosure regarding the inability of synthetic diamonds to store value as they can be produced in unlimited quantities.
US: Sherri Hendricks +1-702-893-9400
Global: Avital Engelberg +1-718-521-4976
About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1976, the Group has more than 20,000 clients in over 121 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Price List for diamonds, as well as research, analysis and news; RapNet, the world’s largest diamond trading network, with over 15,000 members in 97 countries and daily listings of more than 1.5 million diamonds valued at over $8 billion; Rapaport Laboratory Services, providing GIA and Rapaport gemological services in India, Israel and Belgium; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds, selling over 500,000 carats of diamonds a year. Additional information is available at www.diamonds.net.