Rapaport Press Release: Rapaport to Address Synthetic-Diamond Fraud and Ineffective Russian Sanctions
LAS VEGAS–(BUSINESS WIRE)–Martin Rapaport, Chairman of the Rapaport Group, will speak at the Diamond Dealers Club on March 20 at 2:30 p.m. EDT. Martin will discuss systematic fraud by sellers of synthetic, man-made diamonds who fail to disclose the truth about collapsing synthetic diamond prices. B2B wholesale prices for synthetics have plummeted to about 98% below the Rapaport natural diamond price list, yet sellers continue to compare synthetic and natural diamond prices without disclosing that synthetics do not retain value because they are produced in unlimited quantities.
US sanctions on Russian diamonds are not working. This is due to a “substantial transformation” loophole that allows buyers of Russian rough diamonds to cut them outside of Russia and import the polished diamonds into the US. Ethical diamond sellers who refuse to deal with Russian diamonds are at a disadvantage to suppliers who import Russian-sourced polished diamonds into the US at lower prices. Ineffective and misleading government regulations create an unlevel playing field that penalizes ethical sellers while rewarding those that work around the sanctions.
“The diamond supply chain is under pressure from unethical sources. The legitimate diamond and jewelry trade is moving forward aggressively to ensure that our products are natural, socially responsible, and meaningful to our customers. Natural diamonds are and have always been the ultimate gift of emotional and financial security. The greatest opportunity for the diamond trade is to add value to diamonds by knowing where our diamonds come from and how they help make the world a better place,” said Martin Rapaport.
To register for the presentation in-person or on Zoom, visit rapaport.com/ddcpresentation
About the Rapaport Group: The Rapaport Group is an international network of companies providing added-value services that support the development of ethical, transparent, competitive, and efficient diamond and jewelry markets. Established in 1976, the group has more than 20,000 clients in over 121 countries. Group activities include Rapaport Information Services, providing the Rapaport benchmark Diamond Price List, as well as research, analysis and news; RapNet, the world’s largest diamond trading network, with daily listings of over 1.7 million diamonds valued at more than $9 billion; and Rapaport Trading and Auction Services, the world’s largest recycler of diamonds. Additional information is available at rapaport.com.
Contacts
Rapaport Media Contacts: media@diamonds.net
US: Rosanna Giacalone +1-917-596-3959
Sherri Hendricks +1-702-893-9400
International: Avital Engelberg +1-718-521-4976
India: Sathi Nair +91-22-6628-6500
