Diamond marketplace Nivoda has decided to freeze diamond prices on its platform to the March 6 rap price list, after receiving many requests from its members to do so.
The prices will be frozen for a minimum of three months, giving the industry time to decide how pricing will be handled going forward.
Steep diamond price drops on the March 20 Rapaport Price List caused widespread anger in the trade. With countries going into lockdown during the COVID-19 pandemic and suppliers having almost no sales, the sudden drop (of roughly 8%) in prices sent a wave of unrest through the markets.
This, on top of the industry already going into a crisis, led to hundreds of suppliers removing their stock from Rapnet in protest.
CEO of Nivoda, David Sutton, remarks: “In response to the overwhelming request from members to freeze market prices, we have updated the platform to calculate all discounts according to the March 6 price for the foreseeable future.
We believe, by freezing the price list, we will allow the discounts at which goods are sold to be the true indication of market prices.”
Martin Rapaport has since said he will suspend the Rapaport Price List until May, but this still leave the trade with the disappointing March 20 prices.