7-4-2020
More than 500 international diamond traders from the major diamond trading centres Antwerp, Dubai, Mumbai, New York and Israel removed their products from the leading polished trading diamond platform RapNet are in search of an independent, transparent, third-party operated polished diamond trading and buying platform, for diamond traders and retail jewellers worldwide.
The move is in response to a revision in the Rapaport price list made on 20 March, which the price across diamond categories dropped five to eight percent. In an open letter issued by over 150 traders on 2 April, they argued “the current slow trade of polished diamonds is the direct result of the crippling effects of sovereign nations under total lockdown, not by supply and demand fundamentals. Therefore, the latest polished diamond prices published by the RG do not reflect trading prices in the global wholesale diamond market”.
The diamond traders jointly announced that they would use the RG’s polished diamond price index as published on 6 March “as a reference point until a new, independent, non-biased and transparent alternative would be presented to the diamond industry.”
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