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What on Earth is the Rapaport®? Good question! If you are like 99.8% of the world’s population you’ve never heard of it…. and with very good reason. We’re about to give you the insider information about how diamonds are priced that no jeweler or wholesaler will ever tell you. Until now.
(And don’t forget to visit Your Jeweler….Exposed to learn more dirty little industry secrets.)
The Rapaport Diamond Report™
The Rapaport Diamond Report™ is the primary source of diamond price information in the diamond trade and is commonly used by dealers as an approximate guideline for evaluating and setting diamond prices. It is the international standard used to establish wholesale (and retail) prices in all the major cutting centers and dealer markets, and has been widely used for over 30 years.
The Rapaport® got its unusual name from Martin Rapaport, the creator of the report and formula for determining its pricing. The Rapaport Diamond Price Report™ became the benchmark for diamond prices when his price list gained popularity during the 1979-80 commodity boom when 1.00ct D Flawless reached a dealer price of $36,000 (twice today's list price).
Martin Rapaport has since built a substantial diamond information and service business. He has a sizeable diamond trade business himself, and therefore is not short of information. Whether he sets or reports these prices to his personal benefit is questionable. However, he has a great incentive to report them fairly because his diamond information empire hinges on the credibility of these reports.
As consumers, it doesn’t really matter how Rapaport arrives at the prices. The fact remains that every dealer and diamond merchant uses the “Rap Report” (as it is commonly known in the industry). So, it should be the starting point of all discussions on price when purchasing a diamond.
Learn more about how it works and how Safari Diamond prices its diamonds using The Rapaport Diamond Report™ now!