The List: this is the name of the Rapaport Diamond Report, the reference price list of polished diamonds.
In the 70s, Martin Rapaport had the brilliant idea to formalize what was happening every day in the most important Exchange trade halls: Antwerp, Tel Aviv and New York.
Until that time the prices were taken from the local market and then what happened in Antwerp, could not be the same in New York.
As we have already pointed out on several occasions, there are about 16,000 types of diamonds and actually would have been impossible to create a specific price list for so many varieties.
The Rapaport Diamond Report is not a public list and reading is confidential and protected by copyright.
Among traders never hear ask the price of a diamond, but rather: “… as compared to the list?”. The Rapaport Diamond Report is the price on which to base the negotiations and this means that, in consideration of the specific gemological properties of a diamond, its final price will be determined at a premium (or discount) than indicated on the price list.
Each diamond is different from another and the price should reflect the positive and negative characteristics translated and applied to the reference price of the Rapaport Diamond Report based on GIA certificate diamonds with A1, A2, A3 Specifications. This exercise of interpretation can only be made by recognized professionals and an incorrect application of these principles could generate significant losses of money for buyers or sellers.
This list is published every thursday in USA and it shows the prices separating diamonds into categories according to their cut, color, clarity and weight (the famous 4 “Cs”: Cut, Color, Clarity, Carat).
These parameters must be added to the characteristics of polished diamonds only by experts who have the necessary skills and experience to estimate and evaluate properly the gemological properties of a diamond as: the impact of the inclusions on the brilliance of the diamond, the proportions of the cut, the basic color of rough diamond, the influence of fluorescence … and also the gemological laboratory that issued the certificate has its impact on the price.
Until a few years ago the trading day were carried by voice in the halls, there are now online platforms, where near the reference price of the Rapaport Diamond Report we have the price “asked” to the owner of the stone and then you can make an “offer” to start trading.
The remarkable result is that today, all over the world, each operator could trade on the online market knowing the real value of a diamond evidently putting the foundations for a future online trading with transparent pricing, as other commodities.
There are many diamond virtual markets, even in competition with each other, as happens with the stock exchanges around the world (NYSE, Nasdaq, …) and the same Rapaport has created RapNet, one of the online platforms where are traded millions of diamonds all over the world. Also the tycoon Richard Branson has entered into the business of diamond online platforms for the diamonds trading.
Even if accompanied by such technology in real time which allows fast transactions, during the week in the offices of the diamonds buildings you can listen many traders wondering if next Thursday the “list” will change…
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