Starting in September, diamond trading service-provider Rapaport will hold monthly Rapaport guaranteed and certified diamond auctions.

The company said that the initiative was aimed at significantly increasing diamond-price transparency and providing trading opportunities for people across the industry.

“The transaction prices realised at auction will be published on the Internet providing a series of accurate and consistent transaction price information for the first time in history,” chairperson Martin Rapaport said in an emailed statement.

The transactions prices will be based on Gemological Institute of America-graded round diamonds which are selected and guaranteed by Rapaport to ensure consistent quality. The diamonds will be round, 1,01 ct and larger, D-K, IF-VS2 and X-VG.

“The terms of sale will be consistent: spot cash, FOB, New York,” the company noted.

“I believe that it is vital for every member of the diamond industry to have an equal opportunity to participate in the auctions, which will ensure fair, honest, open, efficient and competitive diamond prices,” Rapaport commented.

The group said that all were welcome to submit their diamonds for sale, or to buy diamonds, provided that the gems pass its careful inspection and participants comply with the US Patriot Act requirements.

Posted: 08|31|07 at 2:21 pm. Filed under: Auction News.