RapNet Members Say 'No' to Synthetics

RAPAPORT... The RapNet community has voted overwhelmingly againstintroducing services for the lab-grown-diamond sector. Members voted by 79% to 21% against the trading platformlisting synthetics on the site. They also rejected a lab-grown pricelist, with 74% voting "no." The poll took place on RapNet last week. The audienceapplauded when Martin Rapaport, Chairman of the Rapaport Group, revealed theresults Sunday at the annual Rapaport Breakfast at JCK Las Vegas. Following the results, RapNet will not provide a tradingplatform for synthetics, or introduce a price list for the product, Rapaportconfirmed. "We believe the current prices for synthetic diamonds areartificial, as they are based on misleading disclosure," he added. Voters also heavily backed the view that syntheticsproducers must disclose post-growth treatments, and supported the establishmentof an organization for the natural-diamond industry. RapNet vote results: 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 disclosetreatments? Yes: 5,892 (88%)No: 819 (12%)Would you support establishment of a natural-diamondorganization? Yes: 5,528 (85%)No: 1,104 (15%)Image: Martin Rapaport. (Rapaport News)