|
|
RapNet to Vote on Synthetics
May 22, 2019 4:46 AM
By Rapaport
|
|
|
RAPAPORT PRESS RELEASE, May 22, 2019, Las Vegas … RapNet, the world’s
largest diamond trading network with daily listings of over $7.4 billion, will
be voting on whether it should provide diamond listing and pricing services for
synthetic diamonds. Voting will be limited to registered RapNet members who
log in to RapNet.com and will take place from Sunday May 26 through Friday May
31, 2019.
The results of the vote will be announced at the Rapaport
Breakfast on Sunday June 2, 2019, at the JCK jewelry show in Las Vegas, Nevada.
The keynote address at the breakfast entitled “Synthetic Ethics” will be
presented by Martin Rapaport. The Rapaport Breakfast is open to the jewelry
trade and media. Registration and information is available here.
The breakfast and additional Rapaport “Ethical Sourcing” and “Appraiser” Town
Hall Meetings will be broadcast live on Facebook here.
The issue of synthetic diamonds is hotly debated in the
diamond and jewelry trade. Recent decisions by the US Federal Trade Commission
(FTC) have removed the word natural from the definition of a diamond. The FTC
believes that diamonds need not be natural to be described as diamonds, although
they require disclosure when a diamond is “man-made” or “laboratory-created.”
Martin Rapaport has published an important article about the issue entitled
“Synthetic Ethics” that can be reviewed here.
The vote will provide RapNet and the jewelry industry with
important input as to the role of synthetic diamonds in the diamond trade. The
final decision regarding the matter will be made by the RapNet management team.
“Synthetic diamonds present significant challenges and
opportunities to the diamond trade. The role of natural diamonds is threatened
as synthetic diamonds offer consumers lower prices and provide retailers with higher
profit margins. The problem with synthetic diamonds is that they are not a
store of value as they have no natural scarcity and can be manufactured with
unlimited supply. Their prices are expected to decline over the long term as
their cost of manufacturing falls. The diamond trade must decide if they want
to trade in long-term integrity for short-term profits,” said Martin Rapaport,
Chairman of the Rapaport Group.
Media
Contacts: Media@Diamonds.Net
U.S.: Sherri
Hendricks +1-702-893-9400;
International:
Avital
Engelberg +1-718-521-4976
About the Rapaport Group: The Rapaport Group
is a global provider of added value services that support the development of
ethical, transparent, competitive and efficient diamond and jewelry markets.
Established in 1978, the Rapaport Price List is the primary source of diamond
price and market information. Group activities include Rapaport Information
Services, Rapaport Magazine, Rapaport Research Report and Diamonds.net website;
RapNet – the world’s largest diamond trading network; Rapaport Auction and
Trading Services specializing in recycled diamonds and jewelry. Rapaport
Laboratory Services providing GIA gemological services in India, and Israel. The
Group supports over 20,000 clients in 121 countries and has offices in New
York, Las Vegas, Antwerp, Ramat Gan, Mumbai, Surat, Dubai and Hong Kong.
Additional information is available at www.rapaport.com.
Image: Shutterstock
|
|
|
|
|
|
|
|
|
|
Tags:
federal trade commission, ftc, JCK Las Vegas, lab-grown diamonds, Martin Rapaport, Rapaport, rapaport breakfast, Rapaport News, RapNet, Synthetic diamonds, Synthetics
|
|
|
|
|
|
NOT TO CVD
|
|
May 29, 2019 2:49AM
By DARSHIT DUDHAT
|
|
It's BIG NO to CVD diamonds listing on rapnet.
|
|
|
|
|
|
|
|
|
|
|