RAPAPORT PRESS RELEASE, June 19, 2018, Las Vegas … The Rapaport Group
has today issued a statement saying that De Beers is destroying transparency in
the diamond industry by not allowing its clients to disclose the source of
their diamonds. The full text of the statement is available here.
The statement claims that “all De Beers’ rough diamonds are
now opaque. That’s 42% of the world’s legitimate diamond production in 2017,
and $14.993 billion of rough diamonds from 2015 through 2017.”
The statement cites the De Beers “Sightholder Signature
License Agreement Clause 3.6.6: ‘you will
not represent that any particular diamond or diamonds are sourced, or
originate, from us or any member of the De Beers Group except with our prior
written consent.’” It alsorefers
to a De Beers letter that states, “In relation to programmes such as GIA’s
‘Mine to Market’ (M2M), or other downstream entities’ initiatives seeking to
make provenance claims. We have declined all such requests.”
Martin Rapaport, Chairman of the
Rapaport Group, said, “De Beers is extending its market power from rough to
polished markets through exclusive polished distribution networks such as Forevermark.
They are making it impossible for independent third parties to source-certify
their diamonds, thereby disabling legitimate diamond distribution systems. De
Beers is using its market power to restrain competition in the market for
legitimate source-certified polished diamonds…
“With extensive
human suffering in developing countries such as Zimbabwe, the Congo and others,
as well as billions of dollars of diamonds not subject to human rights, AML and
CTF compliance, the Rapaport Group begs De Beers to do the right thing and
allow its clients to disclose the legitimacy of their diamonds.”
The Rapaport statement calls on De Beers to immediately
cancel its restrictions on disclosing the legitimate source of diamonds. It
asks all responsible members of the diamond industry to directly email De Beers
CEO Bruce.Cleaver@DeBeersGroup.com
and request that De Beers end its restrictions on source disclosure.
Rapaport Media Contacts: media@diamonds.net
U.S.: Sherri Hendricks
+1-702-893-9400
International: Alex Shine
+1-718-878-5138
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 and Diamonds.net, providing research,
analysis and news; RapNet – the world’s largest diamond trading network;
Rapaport Laboratory Services, providing GIA gemological services in India,
Belgium and Israel; and Rapaport Trading and Auction Services, specializing in
recycled diamonds and jewelry. 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.diamonds.net.
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