RapNet to Vote on Synthetics

RAPAPORT PRESS RELEASE, May 22, 2019, Las Vegas ... RapNet, the world'slargest diamond trading network with daily listings of over $7.4 billion, willbe voting on whether it should provide diamond listing and pricing services forsynthetic diamonds. Voting will be limited to registered RapNet members wholog in to RapNet.com and will take place from Sunday May 26 through Friday May31, 2019.The results of the vote will be announced at the RapaportBreakfast on Sunday June 2, 2019, at the JCK jewelry show in Las Vegas, Nevada.The keynote address at the breakfast entitled "Synthetic Ethics" will bepresented by Martin Rapaport. The Rapaport Breakfast is open to the jewelrytrade and media. Registration and information is available here.The breakfast and additional Rapaport "Ethical Sourcing" and "Appraiser" TownHall Meetings will be broadcast live on Facebook here.The issue of synthetic diamonds is hotly debated in thediamond and jewelry trade. Recent decisions by the US Federal Trade Commission(FTC) have removed the word natural from the definition of a diamond. The FTCbelieves that diamonds need not be natural to be described as diamonds, althoughthey require disclosure when a diamond is "man-made" or "laboratory-created."Martin Rapaport has published an important article about the issue entitled"Synthetic Ethics" that can be reviewed here.The vote will provide RapNet and the jewelry industry withimportant input as to the role of synthetic diamonds in the diamond trade. Thefinal decision regarding the matter will be made by the RapNet management team."Synthetic diamonds present significant challenges andopportunities to the diamond trade. The role of natural diamonds is threatenedas synthetic diamonds offer consumers lower prices and provide retailers with higherprofit margins. The problem with synthetic diamonds is that they are not astore of value as they have no natural scarcity and can be manufactured withunlimited supply. Their prices are expected to decline over the long term astheir cost of manufacturing falls. The diamond trade must decide if they wantto trade in long-term integrity for short-term profits," said Martin Rapaport,Chairman of the Rapaport Group. MediaContacts: Media@Diamonds.NetU.S.: SherriHendricks +1-702-893-9400; International:AvitalEngelberg +1-718-521-4976About the Rapaport Group: The Rapaport Groupis a global provider of added value services that support the development ofethical, transparent, competitive and efficient diamond and jewelry markets.Established in 1978, the Rapaport Price List is the primary source of diamondprice and market information. Group activities include Rapaport InformationServices, Rapaport Magazine, Rapaport Research Report and Diamonds.net website;RapNet - the world's largest diamond trading network; Rapaport Auction andTrading Services specializing in recycled diamonds and jewelry. RapaportLaboratory Services providing GIA gemological services in India, and Israel. TheGroup supports over 20,000 clients in 121 countries and has offices in NewYork, Las Vegas, Antwerp, Ramat Gan, Mumbai, Surat, Dubai and Hong Kong.Additional information is available at www.rapaport.com.Image: Shutterstock