New York--Diamond trading network RapNet is getting a facelift, the beginning of what Rapaport said is a $5 million development project that will “revolutionize the electronic market for diamonds.”

The new and improved platform is launching today.

Its main feature is an inbox that allows users to house all communication about diamond transactions within the RapNet platform, eliminating the need to use emails, which are often hacked and used to misdirect diamond payments and shipments.

The new RapNet also has a faster and more intuitive diamond search function, a price calculator and a tool that will allow users to compare up to 10 diamonds at a time.

More information about the new platform is available at

The company also is holding a webinar on Wednesday at 1 p.m. EST for those who want a live walk-through of the new platform with a RapNet staff member. To book a seat, visit

Rapaport described the new RapNet as the first phase in its development project.

The company has been expanding in a number of ways in recent months, redesigning its magazine this past spring and hiring a new editor; launching an online education platform called Rapaport Academy in November; and, in December, making headlines in the industry by facilitating the sale of the “Peace Diamond” from Sierra Leone.

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