Rapaport Group changes auction method

The Rapaport Group has changed its exiting public auction bidding method for its certified stones, to a tendering system. All the Rapaport bidders can now submit their bids confidentially, as compared to the previous months that the system was operating. The stones put up for auctions include those of 1-carat or larger, D-K color, IF-VS2 clarity, and graded as Excellent to Very Good. Rapaport has taken this initiative to help build a new type of price index to further develop a diamond futures market.

Also, the Group has decided to host its annual Rapaport International Diamond Conference (IDC) this year, on the theme of “Diamonds: 2010 – The Next Decade.” The venue for the conference will be Waldorf Astoria Hotel in New York, and dated as September 8, 2008. Discussions would touch upon issues like diamond finance, rough supply, manufacturing, commoditisation, fair trade jewellery, the economic, demographic and political factors globalising diamond demand and their impact on diamond prices.