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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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