Rapaport diamond network
Rapaport Diamond Network
The Rapaport Diamond Network, known as RapNet, (www.rapnet.com) is an electronic diamond trading network.[1] [2] RapNet is a trademarked component of The Rapaport Diamond Group and establishes its prices based on the Rapaport Price List. Over 1 million diamonds valued at over $8 billion, listed daily are currently traded on RapNet.[3]. RapNet has over 12,400 members from 82 countries around the world[4].
History[edit]
The Rapaport Diamond Group is an international organization of companies and services which it claims to provide a unified, safe, fair, transparent and extensive diamond market. The group has offices in New York, Las Vegas, Antwerp, Ramat Gan, Jerusalem, Dubai, Mumbai, Surat and Hong Kong. The Rapaport Diamond Group was founded in 1976 by Martin Rapaport.[5] In 1978 Martin Rapaport published his first diamond price list designed to give diamonds around the world a benchmark price. Today the Rapaport Diamond Report has become the primary source for diamond prices and diamond market information.[6] In 1991 RapNet was first introduced to the market as a peer-to-peer (P2P) computer trading network. In 1996, RapNet was introduced on the internet as the first online business to business (B2B) diamond trading network.
Components[edit]
RapNet is a B2B trading network. Potential buyers and sellers interface directly with each other to buy and sell millions of diamonds all over the world. Use of RapNet is contingent on membership, payment and compliance. It is open to bona-fide members of the market and subscription plans of different levels are available to both jewelers and dealers. There are several components that are part of the RapNet technology.
- Tradescreen® - The RapNet Tradescreen® feature is a customizable search engine that allows users to search for diamonds based on specific criteria such as shape, size, color and clarity. Search results are provided by price.
- The RapNet Price List - The RapNet Price list (framed in the same way as the The Rapaport Diamond Price list) presents pricing information for the diamonds that are listed on RapNet.
- RAPI - The RapNet Diamond Index is the average of the best priced diamonds in each of the diamond categories (D-H, IF-VS2, GIA-graded, RapSpec-A3 and better) being sold on RapNet.[7] Rapaport Price List subscribers also have access to the RAPI.
- Instant Inventory - Instant Inventory is a RapNet service through which private online stores (that have business to consumer (B2C) websites)) can include diamond listings from RapNet. Instant Inventory provides live RapNet data in JSON/XML format.[8] Businesses can choose to build a customized search engine or choose from one of RapNet’s pre-designed search engines. Previously this service was referred to as the Download Listings Service.
Competitors[edit]
RapNet has three main competitors.
- Idex Online - The International Diamond Exchange’s online diamond trading network which has over 650,000 diamonds being traded on it.[9]
- Polygon - Polygon refers to its trading network as “the jewelry industry’s most active online community and trading network.”[10]
- Virtual Diamond Boutique - The VDB has created an app that makes buying and selling diamonds easy and accessible. There is no cost to buyers for the services provided.[11]
External Links[edit]
https://www.diamonds.net/ Official Rapaport Group website
https://www.rapnet.com Official RapNet website
References[edit]
- ↑ "What on earth is the Rapaport Diamond Report?". Beyond4Cs. Retrieved 4 July 2018.
- ↑ "Company Overview of Rapaport USA Inc". Bloomberg. Retrieved 4 July 2018.
- ↑ "Rapaport". Rikover. Retrieved 15 July 2018.
- ↑ "RapNet Offering Secure Transaction Services Through Escrow.com". Escrow.com. Retrieved 10 July 2018.
- ↑ "What on earth is the Rapaport Diamond Report?". Beyond4Cs. Retrieved 4 July 2018.
- ↑ "RapNet Offering Secure Transaction Services Through Escrow.com". Escrow.com. Retrieved 10 July 2018.
- ↑ "Rapaport Press Release: Diamond Prices Soften with Weaker Global Demand". Business Wire. Retrieved 10 July 2018.
- ↑ "EXPERTISE IN RAPNET DIAMOND API & RAPNET INSTANT INVENTORY INTEGRATION SERVICES". Transpacific software pvt. Retrieved 10 July 2018.
- ↑ "Our Services". IDEX Online. Retrieved 8 July 2018.
- ↑ "Polygon". Polygon. Retrieved 8 July 2018.
- ↑ "About Us". Virtual Diamond Boutique. Retrieved 8 July 2018.
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