Tuesday, June 4, 2013

Rapaport Cautions Trade on Unsustainable Rough Prices, Fraudulent Grading Practices

Martin Rapaport, the chairman of the Rapaport Group, speaking to hundreds of jewelers, dealers and manufacturers at the Rapaport Breakfast at the JCK Las Vegas Jewelry Show warned the diamond trade not to buy overpriced rough diamonds. He blamed Indian government's credit policy and irresponsible banks for overextending credit to the diamond trade resulting in inflated rough prices.
Rapaport also identified significant opportunities for the diamond trade including sales to millennials, purchases from the public and the development of investment diamond markets.
Following the breakfast, during the Rapaport Certification Conference, Rapaport called on the diamond trade to take legal action against laboratories that systematically over-grade diamonds and retailers that misrepresent the quality of the diamonds they sell to consumers.
During the afternoon hours, at the Rapaport Fair Trade Conference, Rapaport said that the greatest threat to the diamond industry is the ethical challenge. ''We cannot ignore the fact that gem workers in India are dying from silicosis. We must establish reliable source certification systems that ensure the legitimacy of the products we sell.
“It’s time for the diamond and jewelry industry to clean up its act,” said Rapaport, “Rough price manipulation, diamond over grading and production procedures that threaten the health and lives of workers must stop.”

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