Rapaport to auction six lots with no reserve
November 28, 2007
New York—In an ongoing effort to create a futures market for diamonds, the Rapaport Certified Diamond Auction will offer six lots with no reserve price for the first time.
The auction, the latest in a series announced by Rapaport Chairman Martin Rapaport earlier this year, starts at 12:01 a.m. EST on Wednesday, Nov. 28, and extends until 2 p.m. EST on Thursday, Nov. 29.
A total of 39 lots are up for bid, and all stones are GIA-graded and guaranteed by Rapaport.
Bidding for the six lots will start at $0. These stones are top-quality 1-carat diamonds. The remaining 33 lots are 1-carat or larger, D-G color, IF-VS2 clarity and graded "Excellent" to "Very Good."
"Buyers now have an opportunity to set their own prices for the finest-quality 1-carat diamonds," Rapaport said in a media release. "By reducing reserve prices and offering lots with no reserve, we are giving buyers a free hand to set prices. Buyers should not miss this opportunity to bid and observe live online auction action."
The catalog and bidding are available at
Diamonds.net. The auction is limited to members of the diamond trade and financial institutions.
Rapaport held the first certified-diamond auction back in September in an effort to attract the financial sector and create a futures market for diamonds. He believes this will give the industry, struggling with record debt and a lack of liquidity, a much-needed shot in the arm.
The auctions are also a way to create a transparent, government-approved price index for diamonds that would be the basis for the futures exchange.
Rapaport has said that putting prices out there in the form of the auction won't hurt retailers because Web sites such as Blue Nile already have created price transparency in the industry.
Editor's note: For earlier developments in this story, see
Rapaport debuts certified-diamond standards.
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