International Diamond Manufacturers Association president Jeffrey Fischer criticized some recent changes in the Rapaport Diamond Report at the Plumb Club Forum in New York.
Along with adding 10 ct. stones to his famed price list, list publisher Martin Rapaport changed his 40-point price list. The 30 to 37 point, 38 to 45 point, and 46 to 49 point categories are now listed as 30 to 39 points and 40 to 49 points.
Fischer said he believes the change “was a convenient way to make room for the 10 ct. prices. Watch as an entire industry meekly changes its merchandising and pricing to suit the graphic layout of his price list, just as we have conformed in the past. Hopefully [Rapaport] will reconsider the resizing.”
Fischer added he has “great respect” for Rapaport and that his “price list—his claim to fame—has been so successful, not only because he was first, but because he continues to do it better than anyone else.”
Rapaport said Fischer’s charge that the changes were made because of graphic design issues is false. “We would never do something like that,” he said. “We are responding to a consumer issue. I believe, based on our research, that it is inappropriate to sell 38 and 39 pointers as 40 pointers. Since most people use the Rapaport price list with certified stones, we believe this is an honest reflection of what is going on in the real world. We are moving to a more transparent world. We think it’s problematic to misrepresent sizes to consumers. The idea you can ‘sneak in’ lower sizes is not really acceptable anymore.”
He added, “We are very responsive to any suggestions to how we can do a better job for the diamond industry.” He said industry members can voice suggestions at email@example.com.