Rapnet Votes No On Synthetic Diamonds
Members of RapNet voted overwhelmingly against introducing services for synthetic diamonds.
The following are the voting results for the five issues polled.
Should RapNet provide listings for synthetic diamonds? - No: 5,934 (79%), Yes: 1,607 (21%)
Should Rapaport publish a price list for synthetic diamonds? - No: 5,232 (74%), Yes: 1,885 (26%),
Should synthetic diamonds be required to disclose color and other treatments applied after their creation? - Yes: 5,892 (88%), No: 819 (12%)
Should synthetic diamonds require disclosure that they are different from natural diamonds as they have no supply limitations? Yes: 5,528 (85%) No: 1,104 (15%)
Following the vote RapNet announced it would not list synthetic diamonds on its trading network and Rapaport USA announced it would not publish a price list for synthetic diamonds.
In a keynote address at the Las Vegas JCK jewelry show Martin Rapaport called on the diamond industry to support a $1 billion marketing campaign for natural diamond engagement rings. He also called on those selling synthetic diamonds to make full disclosure regarding the inability of synthetic diamonds to store value as they can be produced in unlimited quantities.