Rapaport Press Release
Rapaport Auction Will Lead to More Transparent Market for Diamond Pricing

Worldwide Internet Auction Goes Live on September 17, 2007

August 14, 2007, New York – The first step in establishing competitive, standardized and transparent pricing of diamonds will take place with the launch of the Rapaport Certified Diamond Auction, September 17 through September 20. The auction, will be conducted via a newly established internet auction site (www.diamonds.net/auction) offering select, quality controlled, “Excellent to Very Good” cut diamonds graded by the world’s leading independent diamond grading laboratory, the Gemological Institute of America (GIA). Every diamond will also be certified and guaranteed by Rapaport ensuring that only fine quality high standard diamonds will be offered for sale. Bidding will be open to the diamond trade and financial institutions. Consumers wishing to access the auction may do so through a registered market participant. Auction terms will be Spot Cash FOB NY with a three percent commission charged to sellers.

The Rapaport Certified Diamond Auction will initially be held monthly. The transaction prices resulting from these auctions will be used to establish a definitive Rapaport Diamond Index. The index, in turn, will be used in the development of a diamond futures market and the subsequent introduction of other diamond-related financial products. The overall goal is to establish diamonds as a broadly traded investment commodity, not unlike precious metals and currencies.

“The diamond industry is undergoing a complex transition from monopolistic cartel control to free markets, at a time of great global change. The Rapaport Certified Diamond Auctions will provide unprecedented levels of transparency and market access enabling the development of futures markets. The Rapaport Group is fully committed to the development and expansion of honest, free, fair, open, efficient and competitive diamond markets.” said Martin Rapaport, chairman of the Rapaport Group.

Additional information on the Rapaport Certified Diamond Auction is available at www.diamonds.net/auction as well as a background article entitled “Commoditization.”

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.

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