The first step in an effort to commoditize diamonds is taking place with the launch of the Rapaport Certified Diamond Auction. This first-of-its-kind internet auction marks the beginning of the Rapaport Group‘s effort to establish a futures contract for diamonds based on fair, competitive, standardized, and transparent diamond pricing. The auction will run through Sept. 20 at 5 p.m. EST.

While bidding is restricted to registered members of the diamond trade and financial institutions, the auction Web site and catalog are open to the public. Consumers may bid through their local jeweler or contact Rapaport for the name of a registered bidder.

All the 210 diamonds offered for sale are Rapaport selected, certified and guaranteed with GIA excellent to very good grading reports. The diamonds are round one to two carat sizes ranging from D-K, IF-VS qualities.

“The diamond industry is becoming more transparent as it moves form monopolistic price control to free, fair, efficient and competitive markets. The Rapaport monthly auctions will provide consistent, standardized, transaction prices that enable the development of diamond derivative and futures markets. The integration of the diamond and financial markets will provide synergistic opportunities for everyone,” said Martin Rapaport, chairman of the Rapaport Group.

The monthly Rapaport Certified Diamond Auction will provide a definitive Rapaport Diamond Index based on auction transaction prices. The index will then be used to develop a diamond futures market and other diamond-related financial products, establishing diamonds as a broadly traded and investable commodity.

Additional information on the Rapaport Certified Diamond Auction, including auction rules, regulations, and terms, is available at www.diamonds.net/auction.

JCK