Diamond Trends June 2020: Diamond Drama

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Diamond Drama

Industry reacts to diamond price drop

By Deborah A. Yonick 

(Originally Published June 2020)

Diamond dealers have a love-hate relationship with the Rapaport Diamond Price List.

“The diamond industry is addicted to the Rap sheet, for better or worse,” says industry analyst Edahn Golan of Edahn Golan Diamond Research & Data in Israel. “Every price decline in this slim margin industry is tough to manage, which explains the events that unfolded on March 20th.” That’s the day the Rapaport Price List reduced prices by 7 percent on average for most polished diamond categories listed.

The perceived hit was so strong it whipped into action hundreds of diamond traders via social media vowing they were quitting on Rapaport. “It created a situation for them to disconnect,” Golan said, “which requires a revolution.” 

In an open letter to the diamond industry dated April 2, more than 150 diamond manufacturers and traders from major diamond trading centers worldwide signed on to an...