Rapaport to Hold Diamond Auction
By JCK Online Staff -- JCK Online, 8/14/2007 2:46:00 PM
The first Rapaport guaranteed and certified diamond auction will be held Sept. 17 - 20. It will mark the company calls an "historic first step in the process of creating a diamond futures market based on monthly transaction prices. Every diamond will be selected, approved, and guaranteed by Rapaport and graded by the Gemological Institute of America "to ensure that only fine quality accurately graded diamonds are offered for sale."
The auction will offer select round one carat and larger, D-K, IF-VS2, Excellent to Very Good cut GIA graded diamonds. The diamonds will be available for inspection in New York. Bidding will be over the internet and restricted to the trade and financial institutions. Terms: Spot Cash FOB New York, 3 percent fee to seller.
“We are implementing stringent Rapaport quality standards and guarantees in addition to GIA’s first class grading reports to make sure that buyers get the best diamonds," said Martin Rapaport, chairman of the Rapaport Group. "All the diamonds will be highly desirable and liquid ensuring suitability for all buyers including investors who may wish to resell the diamonds. We encourage the diamond and jewelry trade to participate in these auctions and we will do everything we can to create new market opportunities for everyone in our industry."
Rapaport said he is evolving diamond pricing to create greater transparency and set transaction price benchmarks for certified diamonds. "The auctions will establish a trading platform for diamonds that ensures liquidity and fair market prices."
Buyers and sellers wishing to participate in the auction should email auction@diamonds.net.
Additional information is available at www.diamonds.net/auction or from Rapaport trading desks:
USA: Dayna Song, +212-354-9100; Belgium: Lea Retter, +32-3-232-3300
India: Pooja Kotwani +91-22-6637-6633 Israel: Amit Kronfeld, +972-3-613-3330
Dubai: Janhavi Kalati, + 971-4-295-2916 South Africa: Gavin Penn +27-82-365-0366
Hong Kong: Julius Zheng, +852-9741-6484 Italy: Francesco Lopresti, +390-44-4961-145
