NEW YORK CITY – The RAPAPORT GROUP is taking the first step in an effort to trade diamonds as a commodity by establishing certified diamond auctions. The very first Internet-based auction of this type is currently underway and will end at 5 pm EDT, Sept. 20, 2007. The group hopes to establish a futures contract for diamonds based on “fair, competitive, standardized and transparent” diamond pricing. Auctions will be conducted monthly.
Rapaport is offering 210 individual stones which are described in the catalogue at www.Diamonds.net/auction. All the diamonds are ranked “excellent” to “very good”, with D to K colour and IF to VS clarity. All are round and weigh one or two carats. Consumers may bid through their local jeweller or a registered bidder.
The Rapaport Group provides published research and marketing services, Internet information and diamond trading networks, global rough and polished diamond tenders, diamond certification, quality-control, compliance, shipping, and financial services.