The Rapaport Group has released three formal certified diamond standards that will be used to define contracts for different diamond classifications. The new standards will be used to classify diamonds offered at the Rapaport Certified Diamond Auctions as well as on the RapNet and INDEX diamond trading platforms. Rapaport Diamond Specification 2 (RapSpec-2) will also become the standard for the Rapaport Price List.
All specifications incorporate Gemological Institute of America color, clarity, and cut standards, with the minimum overall GIA cut grade remaining “Very Good.” The first two standards focus on very precise cut details of the diamond, while the third introduces medium blue fluorescence. RapSpec-2 eases requirements for depth and table percentages and allows for a minimum of “good” rather than “very good” for polish and symmetry. RapSpec-3 is identical to RapSpec-2 except that medium blue fluorescence is allowed. The new standards may be reviewed at www.diamonds.net/standards.
“The introduction of a broader range of standards for certified diamond categories is an important step in the development of fair, efficient and competitive diamond markets. More standardized diamonds will now be available for sale enabling improved availability and competition,” said Martin Rapaport, chairman of the Rapaport Group.
The new standards will classify diamonds and be used at the next Rapaport Certified Diamond Auction to be held at www.diamonds.net/auction on Thursday, Nov. 29, 2007. While a broader range of cut qualities and prices will being offered, all diamonds will be guaranteed by Rapaport, GIA graded and well defined, ensuring that bidders know exactly what they are buying.