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RapNet members vote against services for lab-grown diamonds

Lab-grown

RapNet members have voted against the creation of new listing and price services for lab-grown diamonds after a poll took place in the final week of May.

An overwhelming majority of 79% voted against the introduction of listing synthetics, whilst the figure for those rejecting a lab-grown price list was only slightly lower at 74%.

Martin Rapaport, the Chairman of the Rapaport Group, announced the results of the vote at the annual Rapaport Breakfast at JCK Las Vegas, and was greeted with applause when revealing the verdict.

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He confirmed that the results meant RapNot would not provide a trading platform for synthetics, or introduce a price list for the product.

He added: “We believe the current prices for synthetic diamonds are artificial, as they are based on misleading disclosure.”

The issue of synthetic diamonds is hotly debated in the diamond and jewellery trade. Recent decisions by the US Federal Trade Commission (FTC) have removed the word natural from the definition of a diamond. The FTC believes that diamonds need not be natural to be described as diamonds, although they require disclosure when a diamond is “man-made” or “laboratory-created.”

Voters also heavily backed the view that synthetics producers must disclose post-growth treatments, and supported the establishment of an organization for the natural-diamond industry.

The results in full were as follows:

Should RapNet list synthetic diamonds? 
Yes: 1,607 (21%)
No: 5,934 (79%)

Should Rapaport publish a synthetic price list? 
Yes: 1,885 (26%)
No: 5,232 (74%)

Should synthetic diamonds be required to disclose treatments? 
Yes: 5,892 (88%)
No: 819 (12%)

Would you support establishment of a natural-diamond organization? 
Yes: 5,528 (85%)
No: 1,104 (15%)

RapNet is the world’s largest diamond trading network with daily listings of over $7.4 billion.

Tags : lab grown diamondsRapNetsynthetic diamonds
Patrick Cremona

The author Patrick Cremona

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