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Rapaport's Top 10 Stories of 2015
Jan 5, 2016 2:02 AM
By Rapaport News
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RAPAPORT... Two separate alerts about recall and invalidation of GIA
grading reports; Rapaport Group Chairman Martin Rapaport calling for the
resignation of De Beers chief executive officer; and the state of the rough
diamond market dominated the top 10 stories last year. Here are the most-read
articles on Diamonds.Net in 2015.
1. Rapaport Trade Alert: GIA Recalls
424 Grading Reports
The
most popular story of the year was the Gemological Institute of America (GIA) recalling
424 diamond grading reports. The precious stones had been treated with a
process that temporarily improved their color by up to three grades.
2. GIA
Publishes List of Client Accounts in Report Hacking Case
In a separate case, the
GIA published a list of
client accounts that had submitted diamonds whose color or clarity reports
were changed by hackers. Three different developments in this story make positions 2, 8 and 10 of the top stories of 2013.
3. Rapaport
Calls for Resignation of De Beers CEO
Martin Rapaport, Chairman of the
Rapaport Group, called for De Beers chief executive officer Philippe Mellier to
resign. “De Beers must immediately inject liquidity into the diamond trade by
reducing rough diamond prices 30-50%. There is no justification for rough
prices higher than polished diamond prices. Without a viable, profitable and
sustainable diamond trade distributing their diamonds, De Beers diamond mines
are worthless,” Martin Rapaport wrote in an article “Rough Bubble Bust.”
4. Who’s
Buying the Rough?
A lack of profitability in the diamond manufacturing sector has led
manufacturers to significantly scale down operations and rough purchases in the
past six months, wrote Avi Krawitz.
5. De
Beers October Rough Sales Reflect Depressed Diamond Market
De
Beers sightholders refused about half of their allocated supply at the October
sight, reducing the estimated value of rough sold to $200 million. Mood at the event was somber
even though prices were stable.
6. Is
the Two-Stone Ring The One?
Announcements from Signet Jewelers and De Beers signaled
diamond retailers were heeding an urgent call to step up marketing activities,
wrote Avi Krawitz.
7. De
Beers Sightholders Reject Most Goods at $200M Sight
The value of diamonds
left on the table at De Beers’ July sight was estimated at more than 65 percent
of the initial sight value. De Beers reportedly kept overall prices and
assortment quality stable.
8. GIA
Invalidates 1,000+ Grading Reports After Hackers Alter Data
The GIA announced it had
invalidated grading reports for 1,042 diamonds submitted primarily to its India
grading laboratory after an outside party gained unauthorized access to its
grading information database and altered reports.
9. Antwerp Mourns Passing of Yves Diamant
The Antwerp community mourned the passing of
Yves Diamant, one of the two executive directors of the Beurs Voor
Diamanthandel, or the Antwerp Diamond Bourse.
10. RapNet
Suspends Members Suspected of Falsifying GIA Reports
RapNet, the Rapaport Diamond Trading
Network, suspended 10 members pending further investigation into the alteration
of 1,042 GIA grading reports. The members had also been suspended by the GIA
for allegedly participating in the scheme to hack into the GIA’s computer
system.
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Tags:
De Beers, GIA, Rapaport News, rough market, top stories
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