RapNet, the Rapaport Diamond Trading Network, has added an online “Member Rating System” that will allow RapNet members to provide feedback on transactions, performance, and quality of service. The new System will begin operation Thursday.
The RapNet professional diamond trading community has 3,900 members with daily diamond listings of over 525,000 diamonds valued at more than $4.125 billion.
The comments and ratings posted on RapNet will serve as important indicators of a trader’s reputation and provide valuable knowledge to other members, improving the overall security of the RapNet environment, according to a statement by RapNet. Members’ ratings will be made public so that members can build up their own reputations while allowing other members to benefit from their experiences.
“RapNet members will be able to monitor credit risk and supplier performance through a peer review system that will identify a more transparent and secure trading environment,” said Saville Stern, RapNet chief operating officer. “RapNet members will operate with better information about each other, enhancing their ability to trade over the internet.”