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Rapaport Suspends Price List Until May 1
Mar 26, 2020 5:42 AM
By Rapaport News
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RAPAPORT... The Rapaport Group will not publish the Rapaport Price List until May 1, after putting the issue to a vote among members of its RapNet trading network. The latest edition from March 20 is the official Rapaport Price List until such time, Chairman Martin Rapaport said in a letter disclosing the results of the vote.
Of the 4,544 votes cast, 3,268 (71.9%) were in favor of postponing the next issue of the price list to May 1, while 1,276 (28.1%) supported continuing to publish on a weekly basis.
The move marks the first time Rapaport has suspended the price list in the 42 years since it was first published. It comes amid a lockdown in many countries struggling to contain the COVID-19 pandemic, which has resulted in a dramatic slowdown in the global economy. Diamond bourses have closed trading halls, manufacturing has shut down and retail jewelers have closed stores, all in line with various government directives.
Diamond prices have fallen since late January, prompting Rapaport to reduce the list’s prices on March 20.
“Many have expressed outrage about the reduction of prices in our March 20 price list. Others have asked that we suspend publishing the price list,” Rapaport wrote in the days following the price cuts. “While we reject the idea that prices have not declined and requests that we recall the March 20 price list, we are receptive to calls for a short-term suspension of the price list.”
“This is an extraordinary step we are taking as an act of solidarity with the trade,” he added.
Image: Martin Rapaport speaks at the JCK Las Vegas show.
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Tags:
Martin Rapaport, Rapaport, Rapaport Group, Rapaport News
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