A group of leading diamond traders and diamond manufacturers of Israel decided to place stocks of their stones at the full price in RapNet Diamond Trading Network (RapNet). The decision follows the publication of the latest price list Rapaport, in which the company lowered prices for a number of categories of diamonds without any commercial justification. The Israeli companies not only expressed their regret and their concern about the openness of the process of compiling the Rapaport price list, but also noted that the sharp fluctuations and changes in this price list are the main reason for the volatility of the prices for diamonds. Therefore, the companies decided to place their stocks of stones only at full prices.
In this initiative, all companies engaged in trade and production of diamonds in Israel and abroad participate in the RapNet system. Expressing its concern about the negative effect of frequent price fluctuations on the consumer market of diamonds, and, ultimately, on the trust of end consumers of diamonds, they assumed that the interests of the entire industry will be the creation of longer-term price lists. This will improve stability, significantly increase the confidence of customers in the product and, finally, will put an end to the unnecessary commercial losses of diamond producers.
As part of the new initiative, Israeli companies also supported a similar step taken by a number of Indian diamond companies, which has been actively discussed recently in the corridors of the Israeli Diamond Exchange (IDE). This step was supported by representatives of the diamond business of Israel. Apparently, in the matter of lack of transparency and the impact of Rapaport price-lists on the industry, it remains to be put an end.