Articles from Rapaport Group

The Rapaport Group of Companies today announced the appointment of Dan Mano as Chief Executive Officer. Mano will lead the group’s global businesses, including RapNet, the world’s largest diamond trading network; Rapaport Auctions, the world’s largest reseller of pre-owned US diamonds; the Rapaport Price List; and Rapaport Information Services.

The Rapaport Group has announced its next Trade Mission to Sierra Leone, reinforcing its commitment to ethical trade and sustainable economic development. Rapaport’s fourth trade mission to Sierra Leone in the past two years, reflects a dedication to fostering responsible sourcing and long-term progress in the artisanal diamond sector.

The diamond market was slow in January, with mixed reports about holiday sales. The US holiday season met the industry’s low expectations. Diamond prices declined, with some improvement in 0.30- to 0.50-carat, D to F, IF to VVS2 goods. Fancy-shape diamonds of 3 carats and larger are doing better.

The Rapaport Group is excited to announce the expansion of its natural pearl market, continuing its partnership with the Bahrain government’s Institute for Pearls and Gemstones (DANAT). Attendees to the upcoming AGTA GemFair Las Vegas at JCK from Thursday-Monday, May 30 - June 3, will have the opportunity to discover the beauty of natural pearls.

In response to US sanctions regulations effective March 1, Martin Rapaport, Chairman of the Rapaport Group, sent a detailed letter to the US Office of Foreign Assets Control (OFAC). The letter addressed several highly problematic issues related to sanctions restrictions for polished diamonds produced prior to March 1, 2024, and an exemption for all diamonds in the US, including recycled diamonds and pre-owned jewelry. OFAC quickly responded saying they will review the letter and revert if they have questions.

The Rapaport Group is creating a new market for natural pearls. Working in partnership with the Bahrain government’s Institute for Pearls and Gemstones (DANAT), Rapaport will offer select U.S. retailers and dealers a unique opportunity to stand out in the pearl market.

Diamond trading was quiet in late December as wholesalers took vacation between Christmas and New Year. The industry was cautious due to sluggish US consumer demand and competition from synthetics.

The diamond market continued to stabilize in November as holiday shopping began and lower rough supply reduced midstream inventories. Prices of rounds increased across all major categories for the first time this year.

Consumers Beware. Synthetic diamond prices are crashing yet some retailers are pricing them high by comparing them to prices for natural diamonds. Consumers think they are getting a good deal, but they are not. Synthetics trade as low as 98% below the Rapaport Price List for natural diamonds.

Martin Rapaport will be fasting for three days, November 7-9, to protest World Diamond Council support for the Kimberley Process which is certifying as legitimate blood diamonds and Russian diamonds subject to US sanctions.

Diamond prices showed a more moderate decline in October amid holiday demand and a reduction in rough supply.

Martin Rapaport, Chairman of the Rapaport Group, will speak at the Diamond Dealers Club on March 20 at 2:30 p.m. EDT. Martin will discuss systematic fraud by sellers of synthetic, man-made diamonds who fail to disclose the truth about collapsing synthetic diamond prices. B2B wholesale prices for synthetics have plummeted to about 98% below the Rapaport natural diamond price list, yet sellers continue to compare synthetic and natural diamond prices without disclosing that synthetics do not retain value because they are produced in unlimited quantities.

The Rapaport Group of Companies has suspended all activity with all Russian and Belarusian companies. This includes Rapaport Information Services, RapNet Trading Network, Auctions, Brokerage and Quality Control services for both sanctioned and unsanctioned companies.