ANOTHER LOOK AT DIAMOND PROFITS Glenn Rothman's editorial (JCK, April 1996, page 30) blaming the Rapaport List for declining profits in the diamond trade raises important issues. Is there "little or no profit at every level of polished diamond trading?" If so, why have profits declined? Can we simply blame the Rapaport List or is there more to the story of declining profits. Perhaps economic forces much more powerful than Rapaport are restructuring our industry? Before we take a look at the real issues impacting diamond profits, it is important to recognize Rothman's instinctive need to find a simple solution to a complex problem and target a scapegoat. This need is undoubtedly shared by others in the trade who have experienced declining profits. The problem with Rothman's analysis is not merely that it is conceptually and factually wrong, but also that its emotional appeal encourage

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