RapNet to vote on synthetics service

RapNet, the world’s largest diamond trading network with daily listings of over $7.4bn (£5.8bn), will be voting on whether it should provide diamond listing and pricing services for synthetic diamonds.

Voting will be limited to registered RapNet members who log in to RapNet.com and will take place from 26 May through 31 May.

The results of the vote will be announced at the Rapaport Breakfast on 2 June, 2019, at the JCK jewelry show in Las Vegas, Nevada. The keynote address at the breakfast entitled ‘Synthetic Ethics’ will be presented by Martin Rapaport.

Rapaport, chairman of the Rapaport Group, said: “Synthetic diamonds present significant challenges and opportunities to the diamond trade. The role of natural diamonds is threatened as synthetic diamonds offer consumers lower prices and provide retailers with higher profit margins. The problem with synthetic diamonds is that they are not a store of value as they have no natural scarcity and can be manufactured with unlimited supply.

“Their prices are expected to decline over the long term as their cost of manufacturing falls. The diamond trade must decide if they want to trade in long-term integrity for short-term profits.”