MajorsSep 22, 2026
Foundrae’s Lawsuit Against Pandora Can Continue, Court RulesA federal judge denied Pandora’s motion to dismiss Foundrae’s claim for copyright infringement of its medallions.
SourcingMar 26, 2020
The Rap Price List Is Suspended Until May 1
While it remains in limbo, others are stepping in to offer free membership or even launch new platforms.
New York—The Rapaport Group won’t publish a new price list for the next five weeks with the spread of COVID-19 bringing diamond trading to a standstill worldwide.
In a vote that closed Tuesday, Rapaport Group said 72 percent of RapNet members said they want to postpone publication of the next price list until Friday, May 1. (The Rap list normally comes out every Friday.)
Only about a quarter (28 percent) voted to continue publishing the price list every week.
The March 20 price list—the list that has caused an uproar among dealers—remains in effect until May 1.
Rapaport Group’s report on the vote follows a tumultuous couple of days in the diamond industry.
When the list came out last Friday, RapNet members noticed prices had gone down a substantial amount, a decision Rapaport Group Chairman Martin Rapaport said he made to reflect what he saw happening in the market.
“I am doing my job—to communicate diamond prices and to establish a fair balance,” he told National Jeweler during a Skype interview Sunday. “I can’t put out false information.”
In other words: don’t shoot the messenger.
The rollback angered dealers worldwide, many of whom countered that prices couldn’t have gone up or down because, as Diamond Manufacturers & Importers Association of America President Ronnie VanderLinden put it in a statement to members, the industry is operating “in a vacuum of zero trades” due to the coronavirus.
“If Rapaport was dedicated to maintaining stability in the marketplace, he could, and indeed should have, simply announced a suspension of his price list until this crisis is behind us. His actions have done nothing more than try to further destabilize a market in crisis,” the statement reads.
Rapaport told National Jeweler he will not consider rolling back the price cut but did organize the vote for RapNet members on suspension of the list—but at the March 20 levels.
Following the price cut, hundreds of diamond companies removed their diamonds from RapNet, with many vowing to find an alternative to the Rap list, which has been in use for 42 years.
Meanwhile, as the Rap list is suspended—and resentment over the price drop remains palpable—other platforms and organizations are stepping in to offer free membership or even launch new platforms.
News of these offers have been popping up all week as momentum built behind the movement to defect from RapNet.
Rapaport Group did not respond by deadline
to email inquiries on how many companies have removed their diamonds from RapNet, but a source told National Jeweler Thursday morning there have been about 500 companies so far, witih a total of $5 billion in goods gone from the site.
A statement from the World Federation of Diamond Bourses, the umbrella organization for diamond trading halls worldwide, began circulating an announcement about the launch of a WFDB trading platform.
The trading platform will be open to all WFDB members from all bourses, and all transactions will be backed by its arbitration system, it said.
The organization said the new site will go live “in due course.” In the meantime, the Israel Diamond Institute has opened up its trading platform, Get-Diamonds.com, to all WFDB members.
Although the WFDB statement does not mention Martin Rapaport or RapNet by name, it does seemingly allude to the growing notion that the industry needs a replacement for—or, at least, viable alternatives to—RapNet, stating its new platform would “strongly contribute” to “healthy competition.”
IDEX sent out a letter signed by Chairman Ehud Cohen and Tamar Katzav, chief operating officer, stating it is making its diamond trading platform available for free to all newcomers until August. The letter also provided a link to contact information for its offices worldwide.
IDEX said its price index is updated every hour and is derived from its trading inventory of more than 700,000 polished diamonds.
Like WFBD, IDEX does not call out Rapaport by name, but the letter states in part, “We strongly believe that a bold, new vision is what will take us through this turmoil and beyond, to thrive and prosper once more.”
It also makes subtle references to other criticisms lobbed at RapNet. The IDEX price index is described as being “unbiased” and “accurately reflects price trends as they happen in real time, such as the drop of over 2 percent since the start of March.”
Last Friday’s drop in the Rap list was steeper, with prices down an average of 7 percent across the board.
Virtual Diamond Boutique circulated a reminder online that it “always was, always will be” free, and invited buyers to join.
And, on Wednesday morning, diamond marketplace Nivoda said it was freezing its prices to the March 6 Rap list because many members requested it.
The prices will remain frozen for a minimum of three months, giving the industry “time to decide how pricing will be handled going forward.”
“We believe, by freezing the price list, we will allow the discounts at which goods are sold to be the true indication of market prices,” CEO David Sutton said.
A statement from the World Federation of Diamond Bourses, the umbrella organization for diamond trading halls worldwide, began circulating an announcement about the launch of a WFDB trading platform.
The trading platform will be open to all WFDB members from all bourses, and all transactions will be backed by its arbitration system, it said.
The organization said the new site will go live “in due course.” In the meantime, the Israel Diamond Institute has opened up its trading platform, Get-Diamonds.com, to all WFDB members.
Although the WFDB statement does not mention Martin Rapaport or RapNet by name, it does seemingly allude to the growing notion that the industry needs a replacement for—or, at least, viable alternatives to—RapNet, stating its new platform would “strongly contribute” to “healthy competition.”
IDEX sent out a letter signed by Chairman Ehud Cohen and Tamar Katzav, chief operating officer, stating it is making its diamond trading platform available for free to all newcomers until August. The letter also provided a link to contact information for its offices worldwide.
IDEX said its price index is updated every hour and is derived from its trading inventory of more than 700,000 polished diamonds.
Like WFBD, IDEX does not call out Rapaport by name, but the letter states in part, “We strongly believe that a bold, new vision is what will take us through this turmoil and beyond, to thrive and prosper once more.”
It also makes subtle references to other criticisms lobbed at RapNet. The IDEX price index is described as being “unbiased” and “accurately reflects price trends as they happen in real time, such as the drop of over 2 percent since the start of March.”
Last Friday’s drop in the Rap list was steeper, with prices down an average of 7 percent across the board.
Virtual Diamond Boutique circulated a reminder online that it “always was, always will be” free, and invited buyers to join.
And, on Wednesday morning, diamond marketplace Nivoda said it was freezing its prices to the March 6 Rap list because many members requested it.
The prices will remain frozen for a minimum of three months, giving the industry “time to decide how pricing will be handled going forward.”
“We believe, by freezing the price list, we will allow the discounts at which goods are sold to be the true indication of market prices,” CEO David Sutton said.
More on Sourcing
The Latest
ColumnistsSep 22, 2026
Peter Smith: Our Struggle With Emotional SellingPeople aren’t thinking rationally when they are buying luxury products, and we shouldn’t be selling them that way, Peter Smith writes.
IndependentsSep 22, 2026
Constance Polamalu Named to '40 Under 40' ListThe Baltimore Business Journal recognized the entrepreneur for her leadership in business and the jewelry industry.
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionExperience gemstones with greater precision and comfort than ever before.
GradingSep 22, 2026
GCAL by Sarine Opens New Lab in MumbaiThe facility is located within SEEPZ and is GCAL by Sarine’s second location in India, joining its existing grading lab in Surat.
Weekly QuizSep 17, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsSep 22, 2026
NYCJAOS Returns for Autumn EditionThe four-day show is slated for Nov. 19-22 at the Metropolitan Pavilion in New York City’s Chelsea neighborhood.
AuctionsSep 21, 2026
Ultra-Rare Cartier Cheich Watch Sells for $3.4M Offered at Sotheby’s Hong Kong, the one-of-a-kind white gold watch now holds the title of most valuable Cartier wristwatch sold at auction.
Brought to you by
Your Piece Could Be the One Editors Talk AboutSubmit your pieces for a chance to win in this year's competition.
MajorsSep 21, 2026
Longtime Industry Executive Pamela Bernstein-Gulla to RetireBernstein-Gulla has been working in the jewelry industry for 40 years, most recently as chief engagement officer for Hill & Co.
IndependentsSep 21, 2026
Bhindi Jewelers Moves Into New, Larger California StoreThe relocated Glendale store, now at The Americana at Brand, was designed to be a contemporary “timepiece haven” inspired by luxury resorts.
AuctionsSep 18, 2026
7.52-Carat Unheated Paraíba Tourmaline Sells for $1.3M at Sotheby’s The top lot of the auction house’s Hong Kong jewelry sale was an Art Deco Mauboussin necklace with ruby beads, which sold for $2 million.
Policies & IssuesSep 18, 2026
Tariffs, Retail Crime Top of Mind at JA’s Annual Fly-In Retailers and manufacturers headed to the Capitol this week to discuss tariff exemptions for diamonds and gemstones, among other issues.
CollectionsSep 18, 2026
Nanis Transforms Its ‘Boule’ Into a Mirror Our Piece of the Week is a pair of drop earrings from the “Sway” collection featuring Nanis’ first use of mirror-polished gold.
GradingSep 18, 2026
De Beers Introduces Faster Version of Diamond Screening Machine SynthDetect 2 can scan a full tray in less than five minutes, De Beers said, making it six times faster than its predecessors.
AuctionsSep 18, 2026
Noonans To Auction Medieval Gold Seal Ring Recovered By 2 FriendsTwo metal detectorists discovered the ring, which may have belonged to English noblewoman Matilda of Lancaster, in Suffolk.
Policies & IssuesSep 17, 2026
Tariffs on India Could Increase as Russian Sanctions Bill Heads to Trump’s DeskThe bill has a provision that allows the president to raise tariffs on countries that import Russian oil and gas to as much as 100 percent.
Events & AwardsSep 17, 2026
This Is the Winner of the 2026 Robert M. Shipley AwardThe American Gem Society presented the annual award to a former president of its board.
CollectionsSep 17, 2026
Cynthia Erivo, Zoë Chicco’s Jewelry Collab Is an Ode to TransformationThe “Chrysalis” capsule centers butterfly motifs representing growth, transformation, and the unfolding of who you are.
Events & AwardsSep 17, 2026
Louisiana Retailer Kevin Patton Wins Lifetime Achievement AwardJewelers of Louisiana presented Patton, the third-generation president of Pattons Fine Jewelry, with the award at its annual convention.
PodcastsSep 16, 2026
Episode 9: Remembering Cindy EdelsteinTwo special guests join the podcast to commemorate the 10th anniversary of the designer advocate, mentor, and author’s untimely passing.
CollectionsSep 16, 2026
Jessica McCormack, L’Objet Collab on Homewares CollectionMcCormack brings sea-inspired motifs from her “Beaches” collection to L’Objet’s tableware, vanity pieces, and first-ever cutlery set.
CrimeSep 16, 2026
JSA Issues Warning to NJ Jewelers After Rash of Smash and GrabsNine New Jersey jewelers have been victims of smash-and-grab robberies this year, prompting JSA to circulate a list of recommendations.
IndependentsSep 16, 2026
Bromberg & Co. Names New PresidentMarlin “Brian” Hood, who has been with the store for 20 years, will succeed Ricky Bromberg, who died earlier this month.
MajorsSep 16, 2026
Midas Chain Releases ‘House of Midas’ Bridal CatalogThe new bridal catalog features the latest jewelry collections and designs from timeless classics to modern silhouettes.
EditorsSep 15, 2026
2026 Emmys Jewelry: An Either/Or Proposition Stars wore either a necklace or earrings at 78th Primetime Emmy Awards but rarely both, Natalie Francisco notes.
ColumnistsSep 15, 2026
The Levels Your Website Must Clear Before AI Recommends YouJennifer Shaheen compares this new era of AI-powered SEO to a video game: your website must clear one level before advancing to the next.
IndependentsSep 15, 2026
Armadani Launches Retail Support Program for Holiday SeasonThe program highlights “Made in Italy” fine jewelry with digital merchandising, sales education, and local marketing support.
