CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
SourcingMar 24, 2020
Companies Pull Goods off RapNet in Droves After Price Cut
Mobilized via Instagram, hundreds of companies have removed their diamonds from the trading platform in protest.
This is a screenshot taken Tuesday of @stock_off_rapnet, the Instagram account started in protest of the recent price cuts to the Rap list. The Instagram account ignited a global movement, with hundreds of dealers pulling their diamonds off the trading platform.
New York—Hundreds of diamond companies have removed their goods from RapNet after Martin Rapaport cut prices by an average of 7 percent across all types and sizes.
The movement started last week after the latest Rapaport Group price list came out on Friday morning.
During a Skype interview on Sunday, Martin Rapaport told National Jeweler he made the decision to cut prices after he saw them going down amid the spread of COVID-19.
The movement started last week after the latest Rapaport Group price list came out on Friday morning.
During a Skype interview on Sunday, Martin Rapaport told National Jeweler he made the decision to cut prices after he saw them going down amid the spread of COVID-19.
The Rapaport Group chairman expressed sympathy for dealers during the unprecedented crisis but said the point of the price list is to reflect what’s going on in the market and establish a benchmark that’s fair to both dealers and buyers.
“I am doing my job—to communicate diamond prices and to establish a fair balance,” he said. “If you don’t like it, don’t look at it, don’t use it. [But] I can’t put out false information.”
Rapaport’s decision ignited a firestorm among diamond dealers and a protest mobilized via Instagram.
Doron Serrouya, owner of Israel-based Yondor Diamond, said his son, Ido Serrouya, helped him start the Instagram account @stock_off_rapnet, which had more than 1,600 followers as of Tuesday morning and already more than 500 posts.
The account is a compendium of the logos of companies that have pulled their goods from RapNet and/or are benchmarking their diamonds against an older Rap list.
The Instagram account includes messages from some of the largest players in the diamond industry including Rosy Blue, Diamex Inc., Pluczenik, Venus Jewel and Taché.
Serrouya said in a telephone interview last week he woke up last Friday (March 20) to see prices slashed.
“We are not the stock market,” he said. “It’s not normal that you wake up in the morning and all the diamonds are less because of the coronavirus crisis.”
“Instead of helping the industry, [Rapaport cuts prices],” he lamented. “It’s not normal. It’s really not normal.”
Serrouya and a fellow diamond dealer created @stock_off_rapnet, jumpstarting a viral, global movement of diamond companies—more than 450 as of press time—deflecting from RapNet in protest of the price cut.
It caught on “like a fire,” Serrouya said. “Everybody decided to do it.”
The Suspension Question
In Sunday’s interview with National Jeweler, Rapaport dug in his heels when asked if he would consider rolling back the price cut: “No way. I’m not a liar,” he said.
But in a letter sent to dealers Monday, Rapaport offered another alternative—giving RapNet members the opportunity to vote on suspending the price list until Friday, May 1.
“Many have expressed outrage about the reduction of prices in our March 20 price list. Others have asked that we suspend publishing the price list. While we reject the idea that prices have not declined and requests that we recall the March 20 price list, we are receptive to calls for a short-term suspension of the price list,” the letter reads, noting this would mark the first suspension of the list in its 42-year history.
Voting was slated to close around 10 a.m. EDT Tuesday, but the rallying cry on Monday afternoon among those who united via @stock_off_rapnet was for another boycott—a boycott of the vote.
Results of the vote were not available as of press time Tuesday. National Jeweler will report the results of the vote in a separate story.
“For the first time ever, the diamond industry is united and determined to create its own trade platform, which is transparent and independent, not from a private company,” Yodor Diamonds said in an official statement shared via WhatsApp.
“There is no meaning in freezing a price list, which we never agreed to.”
Price Protest Déjà Vu
This is not the first time RapNet has caused an uproar.
A similar controversy arose in 2008 but, back then, it was a price hike (as much as 25 percent for some goods) amid the financial crisis and just ahead of the Las Vegas jewelry trade shows that roiled dealers.
This time, however, there is growing sentiment among dealers worldwide Rapaport might have crossed a line that could spell the end of his long-standing trading platform.
“Prices haven’t gone up, prices haven’t gone down, prices haven’t gone anywhere,” New York-based diamond dealer Ronnie VanderLinden said in a phone interview Monday, noting trade has been non-existent for the past week and a half due to the coronavirus. “He really stepped over the line.”
In addition to being president of Diamex, one of the companies that has pulled its goods off RapNet, VanderLinden is president of the Diamond Manufacturers & Importers Association of America.
On Monday, he sent a statement to DMIA members suggesting they consider trading platforms other than RapNet, like IDEX, Polygon or Virtual Diamond Boutique, while also noting that a new, alternative industry platform is in the works.
“This is not an endorsement of any of these specific platforms at this point; I am only citing them as examples of existing viable alternatives,” the statement read. “Whether you continue to use Rapaport’s services is your decision and your decision alone. However, I urge you to consider other options as well.”
The letter goes on to state DMIA members “must consider the future well-being of our industry.”
“The time has come to diffuse and diminish Rapaport’s overwhelming and indeed conflicted control over our industry,” VanderLinden wrote. “Restoring this industry to a free, open and transparent marketplace is in our collective best interests.”
More on Sourcing
The Latest
MajorsFeb 27, 2026
Jewelers Mutual to Donate $10M to Savannah College of Art and DesignA 10-year alliance has also begun to address the shortage of bench jewelers through scholarships, enhanced programs, and updated equipment.
CollectionsFeb 27, 2026
Renato Cipullo Turns Gold into HardstonesThe “Splendente” collection has evolved to feature hardstone letter pendants, including our Piece of the Week, the onyx “R.”
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
AuctionsFeb 26, 2026
Noonans to Auction Lady Wardington’s JewelryThe jewelry collection belonged to “one of society's most glamorous and beautiful women of the mid-20th century,” said the auction house.
Weekly QuizFeb 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
ColumnistsFeb 26, 2026
Practical Ways Jewelers Can Leverage AI in 2026Emmanuel Raheb discusses the rise of “GEO” and the importance of having well-written, quality content on your website.
CrimeFeb 26, 2026
Three Sentenced in California Jewelry HeistEach received around four years for burglarizing a jewelry store and a coffee shop in Simi Valley, California, last May.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
Events & AwardsFeb 26, 2026
GIA Names 2026 Jewelry Design Contest Winner, Retires Annual AwardCatherine Aulick, a GIA graduate, received the ninth and final Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
TrendsFeb 25, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
SourcingFeb 25, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
EditorsFeb 25, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
PodcastsFeb 25, 2026
Episode 2: Jewelry Trends & Does the Red Carpet Matter?Are arm bands poised to make a comeback? Has red-carpet jewelry become boring? Find out on the second episode of the “My Next Question” podcast.
WatchesFeb 25, 2026
Private Equity Firms Write Down Value of Breitling, Report SaysThe Swiss watchmaker is battling declining sales amid a rapid retail expansion, according to a Financial Times report.
CollectionsFeb 25, 2026
Rahaminov Diamonds’ New Campaign Honors Its MatriarchThe campaign celebrates Giustina Pavanello Rahaminov, the co-founder’s wife and matriarch of the family-owned brand, for her 88th birthday.
IndependentsFeb 25, 2026
Borsheims Names 2025 ‘Ike-It’ Award WinnerRachel Bennett, a senior jeweler who has been with Borsheims since 2004, earned the award.
Policies & IssuesFeb 24, 2026
IEEPA Tariffs Terminated, New 10% Tariff Already ImposedAfter the Supreme Court struck down the IEEPA tariffs, President Trump imposed a 10 percent tax on almost all imports via a different law.
IndependentsFeb 24, 2026
Sherry Smith Now Principal Partner at The Retail SmithsThe industry veteran, who was with The Edge Retail Academy for 14 years, joins her husband at the company he founded in 2022.
IndependentsFeb 24, 2026
Yafa Signed Jewels to Open Store in MiamiThe vintage signed jewelry retailer chose Miami due to growing client demand in the city and the greater Latin American region.
WatchesFeb 24, 2026
Chrono24 Names New VP, U.S. General ManagerFormer Flight Club executive Jin Lee will bring his experience from the sneaker world to the pre-owned watch marketplace.
SourcingFeb 23, 2026
Designer Eddie Sakamoto, a Humble Artist, Dies at 72Sakamoto, who died in mid-January following a sudden illness, is remembered for his humility and his masterful, architectural designs.
Events & AwardsFeb 23, 2026
NYCJAOS Announces Four-Day Spring ShowThe April event will feature a new VIP shopping day requiring a special ticket.
TrendsFeb 23, 2026
Dua Lipa Is Bulgari’s New AmbassadorBulgari chose the British-Albanian singer-songwriter for her powerful and enduring voice in contemporary culture, the jeweler said.
Policies & IssuesFeb 20, 2026
Supreme Court Rules Against Most of President Trump’s TariffsIn a 6-3 ruling, the court said the president exceeded his authority when imposing sweeping tariffs under IEEPA.
ColumnistsFeb 20, 2026
Peter Smith: Happiness, Cavemen, and Jewelry SalesSmith encourages salespeople to ask customers questions that elicit the release of oxytocin, the brain’s “feel-good” chemical.
MajorsFeb 20, 2026
Jewelers Vigilance Committee Names Julie Yoakum Board ChairJVC also announced the election of five new board members.
CollectionsFeb 20, 2026
Boucheron’s ‘Faisceaux’ Brooch Heads to V&A MuseumThe brooch, our Piece of the Week, shows the chromatic spectrum through a holographic coating on rock crystal.
