Statement by Martin Rapaport, Chairman of the Rapaport Group
(diamonds.net) - Our heart goes out to the diamond community during these difficult times. We understand that the reduction of prices in the Rapaport Price List on March 20 is upsetting. The trade is invited to contact me directly at email prices@diamonds.net. We are reading and sensitive to all communications. 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. Many buyers wait for Rapaport to lower prices before buying. They want to be sure that they are trading at the correct price levels. If we do not lower prices on-time we are discouraging buying activity.
