Proposed synthetic diamond price list rattles diamantaires

Surat: Diamantaires in Surat and Mumbai are rattled over the move by Martin Rapaport, chairman of U.S-based Rapaport Group for starting a price list for synthetic diamonds on Rapnet—the world’s largest business to business (B2B) online diamond trading network.
Buyers from across the world have been trading on the Rapnet from last many years. For the first time, Martin Rapaport has been seeking votes from the world diamond industry for starting a price list for synthetic diamonds, which will damage the business prospects of the diamantaires in India.
However, the Gems and Jewellery Export Promotion Council (GJEPC), Surat Diamond Association (SDA) and diamond industry leaders have urged the diamantaires in India and abroad to vote against the proposed move by Rapaport.
Vice-chairman of GJEPC, Colin Shah said, “We had received communication from the World Federation of Diamond Bourses (WFDB) regarding the proposal of Martin Rapaport for starting a price list for synthetic diamonds. A letter to sent to all the diamond industry panel members across the country to oppose the price list by voting ‘No’ during the polling conducted by Rapaport group, which ended on May 31.”
Shah added, “Rapnet is a diamond trading platform and the listing of synthetic diamonds or its price list may harm the trade.”
Industry sources said that the industry has been taking the base prices of the diamonds based on the Rapnet price list for natural diamonds. Now, Rapaport wants to bring out the price list for synthetic diamonds as. The prices of synthetic diamonds are must cheaper than the natural diamonds. The trading of synthetic diamonds on Rapnet will harm the natural diamond industry.
Regional chairman of GJEPC, Dinesh Navadiya said, “Synthetic diamond price listing on Rapnet will harm the industry at large. We do not want the price list for synthetic diamonds. However, Martin Rapaport has his own business interest.”
Kirti Shah, a diamond exporters said, “I firmly believe that the diamantaires in India should boycott Martin Rapaport for his move on bringing our price list for synthetic diamonds. We should not list our diamonds on the Rapnet to voice our protest. The inclusion of synthetic diamonds will harm the business of natural diamonds.”