Martin Rapaport: One man’s destruction of our industry

Why is the diamond industry beset by uncertainty and decay? One very important reason is the commoditization of diamonds. The beauty and romance once inherent in a diamond and in the diamond-buying experience have been replaced by the certification process and price lists. Another factor is the retailer’s willingness to sacrifice profit to make a sale. The retail price of a diamond has fallen to a level once considered wholesale, and in some cases even lower. It seems that in an effort to survive, the traditional levels of distribution – from De Beers down to the consumer – have collapsed. For the past several years, many in our industry have placed blame on Martin Rapaport for this sorry state of things. His publication of the Rapaport Diamond Report, perhaps initiated as an attempt to accurately report and reflect the trading prices within the diamond market, has become the und
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