RAPAPORT Price List:
What is it?
What is the
Rapaport Diamond Report and price list and why is it important?
Diamond Report is the monthly wholesale diamond price list used
by dealers worldwide to keep up with changing market prices. But the list is not easy to use.
In fact, most stores use the list incorrectly and pass their ignorance on to consumers when they sell stones.
I need to explain this one a bit.
Things have changed drastically since I created this site in 1999.
I used to tell shoppers to ask to see the price listed
on Rapaport for the size, shape, color and clarity of your diamond.
But the prices given on the "Rap sheet" as it is known in the trade is NOT enough information
to price a diamond. The number you find on the charts is only the starting point. That number
needs to be adjusted by many factors, including every detail about the cut (proportions and symmetry and polish)
as well as other quality factors like fluorescence. Price also varies hugely from the cutter to the store
depending on the store's credit rating, how much they are buying from that source, whether this
stone is being borrowed on memo to show you, or purchased for cash without a prospective buyer, etc.
The pricing of diamonds is a very complex matter.
How Can Stores
Sell for Less than the Listed Wholesale Price?
The Rapaport Diamond
Report is intended for use in all situations in the diamond market.
It is used by new, one-time buyers in New York City looking for
a single stone, and it is also used by dealers who trade in millions
of carats every year. So the prices on the Rapaport list are
high cash asking prices used as the starting point for negotiations.
Different dealers can buy at different discounts from this list.
These discounts are
the key. If your dealer is well-connected, he can buy at better
discounts. If he is efficient and keeps costs down, he can offer
you a diamond at such a good price that it's almost like buying
wholesale. But it is complicated. Every shape sells at different discounts.
Some shapes are not discounted at all. And these days, the cut grade of a diamond can make
a huge difference in the discounts. Ideal cuts can actually sell for more than Rap,
even to a dealer in the case of a super-ideal, which is what we call stones that have hearts and arrow patterns.
There are enough dealers on the Internet now that
prices and markups are sliding. But there is also enough demand on the finer goods,
due to education on the net, that premium goods command premium prices, all the way up and down the channel.
This makes it a good time to buy a diamond... if you shop and compare intelligently. Some
shops are skilled at making a profit at your expense, so you
have to be very careful. The key is knowing where to buy, and
which stores are honest and which have the best prices.
We did the research for you already, and tested and rated all of the top 24
online diamond dealers
and only found 6 companies that earned a perfect score. Then we eliminated
the ones that received any poor consumer feedback, and now we are left with two companies
that have truly proven over the years that they have the customer in mind. Or rather, they have the savvy to
know that by putting the customer first they actually build profit by word-of-mouth advertising
from the loyal customers they are creating.
So in the end, these are the two stores that seem
to really realize that giving good deals is great for business in the long run.
All the others just want to look good, but they dont seem to hold to their word about refunds
or service after the sale if you have a problem. Not good!
You can read the reports we wrote about our testing results and background research on
Union Diamond and
Blue Nile and see what we mean.
They do it right.
And if you prefer to buy locally, please do yourself a favor and register to read the test results
on the best of the 10,000 stores my staff and I tested in the U.S. over the past 7 years. Just enter your zip to find the
best local jewelers. These are the ones that we tested and found to have the best combination of excellent prices, service,
selection and expertise.
How To Find
Out the Rapaport Price
The Rapaport price list
is copyrighted, so we cannot show any details here. Ask your
dealer (or a true friend in the trade) to see the latest copy
of the Rapaport Diamond Report (which is published monthly).
If you can find a copy, look up the per carat price for
your diamond. More about how
to use the Rapaport price list.
Caution: Diamond prices are so complicated
that it takes years of experience to use the Rapaport price list
effectively. Even with the Rapaport list in hand, you need to
adjust for 9 other factors not included in the list. Ask your jeweler for help or you will
certainly make mistakes as you go.
Whether you have access
to a Rapaport Diamond Report or not, we strongly suggest using
the online price databases that list REAL prices on REAL stones, instead of monkeying around
with price charts and formulas and calculations that will never be better than an educated guess. So now I do what I am telling you to do... And I am saying this as somone that invented, created, and maintained a pricing algorithm here on this site for the first few years of this decade.
Please go to the Diamond Pricing Tutorial page that I wrote. It will guide you step-by-step to calculate a price for any diamond, in just a few minutes.
This is now the fastest, easiest, and most accurate way to find
out what your diamond should cost, without a doubt.