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The Rap Price List Is Now Weekly Again
The Rapaport Group has nixed the idea of publishing its price list just once a month and scrapped plans for an advisory board.
New York—The Rapaport Group is rolling back all the changes made to its price list following an uproar over a price cut earlier this year.
In mid-March, as the coronavirus paralyzed business worldwide, Chairman Martin Rapaport cut list prices by an average of 7 percent across the board, angering hundreds of dealers and big diamond companies who wondered how there could be such a big swing in price when trading had virtually come to a halt.
Martin Rapaport refused to budge on the price cut, maintaining it accurately reflected what was happening in the market, but did organize a vote among RapNet members on suspending the list during the crisis.
They voted in favor of suspension, and the Rapaport Price List was put on ice until Friday, May 1.
While the list was suspended, Rapaport held two webinars in which he detailed a number of changes he would make when Rapaport Group resumed publication of the list.
He said they would:
— Shift to publishing the Rap list monthly, instead of weekly;
— Introduce a RapNet TradeSheet with discount ranges that will be published weekly; and
— Assemble an advisory board to give input on the list.
But in a note to subscribers published June 11, just a month after the list returned, the Rapaport Group announced it was reverting to publishing the Rapaport Price List every week.
“The diamond markets are returning to activity and it is important that we have the flexibility to change our benchmark prices when and how we see fit,” it stated.
Rapaport Group also said it is nixing the release of the weekly TradeSheet because it has “caused confusion and concern among retailers and added-value suppliers” and decided against having an advisory committee due to “anti-trust and security considerations.”
“While we will continue to regularly contact market participants for market and price information we will not establish a formal advisory committee … We are open to advice and information from all market participants and encourage them to contact us at prices@diamonds.net.”
The next Rapaport Price List is scheduled to come out today, June 19.
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