RapNet to Launch Trading Network in China

The RapNet Diamond Trading Network said it has launched www.RapNet.cn, the first multi-lingual Chinese and English diamond trading network, on Friday.

RapNet China is the first diamond trading network to provide Chinese buyers with direct access to the global diamond markets and give foreign suppliers direct access to Chinese buyers, RapNet said in a statement. Diamond traders in the Far East will be able to deal directly with each other without any commission, advancing both the local Chinese market and the global marketplace.

RapNet said its professional diamond trading community has more than 3,800 members with daily diamond listings of over 425,000 diamonds valued at more than $3.2 billion.

RapNet in coordination with Rapaport Diamond [Shanghai] Ltd. will provide support, fulfillment, shipping, and clearing house services—including guaranteed diamond transactions for RapNet members wishing to sell into the Chinese market. Chinese language support, information and news services also will be provided. Rapaport Shanghai is a member of the Shanghai Diamond Exchange since 2006 and is licensed to do business in China.

“This is an exciting new venture that will integrate China into the global diamond markets,” said Saville Stern, RapNet chief operating officer. “It will give RapNet members exciting new opportunities to create new relationships and to expand their activities.”