Image credit: Rapaport
Diamond companies are coming together to boycott Rapaport's price list in an effort to force RapNet to revoke its price drop
(diamondworld.net) - While the industry at large is trying to combat a global crisis, Raplist, the industry’s only diamond trading platform has decided to drop its price list by 5-8% for no rhyme or reason. Industry sources say that RapNet held an estate auction from 16-19 March and made profits knowing very well that it will drop its price list the next day and stakeholders are deeming this move by Rapaport unethical. On 10th March, members of RapNet also received a message from Martin Rapaport on how such challenging times should be turned into opportunities and another letter was sent on the 19th stating that it would be doing everything in its power to create liquidity at fair market prices given the scenario. However, the decision to drop price list is absolutely contradictory to both letters.
