“With technology all information is immutable and Blockchain cannot be compromised,” reassures Erik Jens, CEO, LuxuryFintech

When Erik A Jens quit ABN AMRO as global CEO of its diamond and jewellery client division, he started his movement called LuxuryFintech, which provides services such as commercial and corporate banking solutions for the art and jewelry sector, and asset-backed...

25 january 2021

Diamonds across time

Not so long ago, the global library of professional publications on precious stones was replenished with a unique book about rare diamonds and diamond jewelry published by the World Diamond Museum. Alex Popov, the founder and director of the museum told...

18 january 2021

Academician Pokhilenko: The situation with rough diamonds in the Russian Federation will start changing for the worse as early as 2025

Nikolai Petrovich Pokhilenko, Academician of the Russian Academy of Sciences (RAS), Deputy Chairman of the Siberian Branch (SB) of the RAS, Scientific Director of the Institute of Geology and Mineralogy of the SB of the RAS, is a prominent...

11 january 2021

Ilgiz Fazulzyanov: For a creator, the quarantine is the time to work on future masterpieces

Ilgiz Fazulzyanov is a successful and internationally recognized jewellery designer. He received his academic art education in Kazan and moved to Moscow in the 1990s where he lives and works now. His brand, Ilgiz F., is well known among true connoisseurs...

04 january 2021

Botswana Diamonds keen to mine KX36 kimberlite if found commercial

Botswana Diamonds intends to mine the KX36 kimberlite, which it recently acquired from Petra Diamonds if found commercial. The high-grade KX36 kimberlite pipe is part of the three Prospecting Licenses in the Central Kalahari Game Reserve in Botswana...

28 december 2020

Rapaport Price List suspended till May 1

27 march 2020
Following an uproar in the diamond industry after the publication of its Price List on March 20, which slashed polished prices by 5% to 9% across all the categories of goods, Rapaport announced that its next issue will be released in one month’s time. The announcement came on Tuesday after the industry voted 72% in favor of suspension. Rapaport’s Friday Market Comment said, “The next issue of the Rapaport Price List will be published on May 1. The March 20 Price List is the official list until then.”
The vote was initiated by Martin Rapaport, who acknowledged that he had received “hundreds of emails and numerous calls from leaders of the diamond industry,” many of whom  expressed outrage about the reduction of prices, while others asked to suspend the price list.

news_27032020_raplist.png
                                          Image credit: Diamant-Gems

In response to the drastic price cuts in the Rapaport Price List of March 20, quite a number of industry stakeholders refused to accept the new prices and started to remove their diamond inventories from RapNet, the Rapaport trading platform.
However, Martin Rapaport continued to maintain his position saying that “It is vital that the Rapaport Price List reflect the realities of the market even when such realities are not pleasant or welcome. We cannot protect the market from price changes and must maintain the credibility of our price information. It is important to note that the Rapaport Price List is used by buyers and not just sellers. Buyers require and expect Rapaport to reflect the lower price realities of the market. We cannot misrepresent prices for the benefit of sellers and we must not mislead buyers.”
Still, the industry’s broad protest followed by the vote resulted in the suspension of the Rapaport Price List till May 1, 2020, which is the first time in Rapaport’s 42-year history, according to Martin Rapaport, who said: “This is an extraordinary step we are taking as an act of solidarity with the trade.”

Victoria Quiri, Correspondent of the European Bureau, Rough & Polished, Strasbourg