RAPAPORT... August 14, 2007, New York - The first Rapaport Guaranteed and Certified Diamond Auction will be held September 17-20, 2007. It will mark the historic first step in the process of creating a diamond futures market based on monthly transaction prices. Every diamond will be selected, approved and guaranteed by Rapaport and graded by GIA to ensure that only fine quality accurately graded diamonds are offered for sale.

The auction will offer select round one carat and larger, D-K, IF-VS2, Excellent to Very Good cut GIA graded diamonds. The diamonds will be available for inspection in New York. Bidding will be over the internet and restricted to the trade and financial institutions. Terms: Spot Cash FOB New York, three percent fee to seller.

“We are implementing stringent Rapaport quality standards and guarantees in addition to GIA’s first class grading reports to make sure that buyers get the best diamonds. All the diamonds will be highly desirable and liquid ensuring suitability for all buyers including investors who may wish to resell the diamonds. We encourage the diamond and jewelry trade to participate in these auctions and we will do everything we can to create new market opportunities for everyone in our industry,” said Martin Rapaport, chairman of the Rapaport Group.

A pioneer of diamond pricing information and internet diamond trading networks, Rapaport is evolving diamond pricing to create greater transparency and set transaction price benchmarks for certified diamonds. The auctions will establish a trading platform for diamonds that ensures liquidity and fair market prices.

Buyers and sellers wishing to participate in the auction should email auction@diamonds.net.

Additional information is available at www.diamonds.net/auction or from Rapaport trading desks:

USA: Dayna Song, +212-354-9100;    
Belgium: Lea Retter, +32-3-232-3300
India: Pooja Kotwani +91-22-6637-6633   
Israel: Amit Kronfeld, +972-3-613-3330
Dubai: Janhavi Kalati, + 971-4-295-2916       
South Africa: Gavin Penn +27-82-365-0366
Hong Kong: Julius Zheng, +852-9741-6484  
Italy: Francesco Lopresti, +390-44-4961-145

About the Rapaport Group: The Rapaport Group is an international network of companies providing added value services that support the development of free, fair and competitive global diamond markets. Established in 1978, the Rapaport Diamond Report is the primary source of diamond prices and market information. Group activities include publishing, research and marketing services, internet information and diamond trading networks, global rough and polished diamond tenders, diamond certification, quality-control, compliance, shipping, and financial services. Major activities of the group include the development of markets for Fair Trade Diamonds and Jewelry as well as the creation of diamond futures markets. Additional information is available at www.diamonds.net .