Part 2: KPCSC wants Russia to help end impasse on new definition of conflict diamonds

In the first installment of this two-part exclusive interview with Shamiso Mtisi, the coordinator of the Kimberley Process Civil Society Coalition (KPCSC), we focused on illegal diamond mining in the continent and where the contraband ends up...

Today

Part 1: KPCSC gives insight into illegal diamond mining, trading in Africa

Although the diamond watchdog Kimberley Process (KP) prides itself for significantly reducing the flow of conflict goods since its establishment in 2003, the Kimberley Process Civil Society Coalition (KPCSC) alleged that illegal diamond...

18 october 2021

The jewelry industry in Russia needs to be upgraded in a serious way

Dina Nasyrova is a vice-president of the International Jewelry Exhibition-Congress J-1 recently hosted by the Atrium of Gostiny Dvor in Moscow. As a partner and the Muse of the famous jeweler Ilgiz Fazulzyanov, she actively participated in the preparation...

11 october 2021

Smiling Rocks, a philanthropic business model, inspires companies to work for betterment of the world

Zulu Ghevriya, the CEO and Co-Founder of Smiling Rocks, Founder of Vedantti Jewellery and Managing Director of Prism Group has been in the diamond and jewellery industry for over 20 years. Zulu started his business, Prism Group, as a natural diamond...

04 october 2021

Work hard and you will find success

Eduard Utkin, Director General of the “Jewellers’ Guild of Russia” Association, expert of the RF Chamber of Commerce and Industry’s Committee on Precious Metals and Precious Stones, told R&P about implementing the SIIS PMPS (State Integrated Information...

27 september 2021

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.

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                                          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