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RAPNET FORBIDS MEMBERS TO SELL SYNTHETIC DIAMONDS

The decision follows "careful consideration of the role of synthetic diamonds on RapNet”
Synthetic Diamonds
Credit: Sergei Lazon

RapNet, the online diamond sourcing trading network for jewellery and diamond businesses, has formally notified its members that they are not to offer synthetic diamonds or synthetic-diamond jewellery on or through RapNet.

 

LGD seed lab diamonds
Credit: Lightbox Jewelry

 

In a notification sent to all members, RapNet wrote that its management “has carefully considered the role of synthetic diamonds on RapNet” following a members vote on the issue last month, in which 79% voted against trading synthetics on RapNet.

 

Richline Lab Diamond JCPenney
Credit: Richline Group

 

In June, RapNet issued the results of their members survey on the trading of synthetics diamonds on the platform. In it, members voted “overwhelmingly against introducing services for synthetic diamonds”, RapNet said The majority of members (79%) answered “No” to the question “Should RapNet provide listings for synthetic diamonds?”. 74% answered “No” to the question “Should Rapaport publish a price list for synthetic diamonds?”. 88% voted “Yes” to the question “Should synthetic diamonds be required to disclose color and other treatments applied after their creation?. And 85% voted “Yes” to the question “Should synthetic diamonds require disclosure that they are different from natural diamonds as they have no supply limitations?”.



Tags: Diamonds News, Jewelry News, Diamond Industry News, Synthetic Diamonds News, Diamond Jewelry News

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