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The Brain Squad Shares Their Thoughts on the Rapaport Price List

Buzz Session: What’s your view of the Rapaport Price List today?

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  • We find the Rapaport Price List extremely important to our business, especially when buying diamonds over the counter as well as pricing diamonds for new sales. Being able to explain to someone WHY we offer what we offer on diamonds is crucial when buying over the counter, especially in scenarios where the client has an appraisal with an inflated value. Showing them that the industry has a standard for pricing and that their appraisal isn’t in that market value can absolutely help them understand why their appraisal isn’t what they should expect. — Lucy Conklin, Toner Jewelers, Overland Park, KS
  • The Rapaport Price List is a useful tool, but not the “word from on high.” It is a monumental task attempting to categorize a product, where, by definition, no two are alike. — Joe Walp, Long Jewelers, Virginia Beach, VA
  • As long as my diamond dealers are using it, it really doesn’t matter what I think. If they stop using it, then it matters. — Doug Meadows, David Douglas Diamonds & Jewelry, Marietta, GA
  • Useful for appraisal references, but not relevant for day to day. I just call suppliers when I need a stone to get a price. — Laura Stanley, Laura Stanley Personal Jeweler, North Little Rock, AR
  • I use it to calculate buying prices for diamonds I buy “off the street” and for quoting custom engagement ring budgets. A valuable tool. — Scott Lefcourt, Scottsdale Fine Jewelers, Scottsdale, AZ
  • It’s useful for buying and appraising. — Joe Thacker, Thacker Jewelry, Lubbock, TX
  • It is useful, but Gem Guide is more useful because it more accurately reflects reality. One of the biggest problems with Rapaport is best illustrated with Martin’s public position on the SI3 grade. In his speeches, he says it is not a real grade, yet he continues to list it, and the fact that he has listed it for decades is a large reason as to why it exists. — Rex Solomon, Houston Jewelry, Houston
  • How did this one person become the person that set prices for the diamond trade? Right now, what choice do we have but to follow it and use it? But it quite simply boggles my mind as to how we came to this point. — Tom R. Nelson, Nelson Jewelry, Spencer, IA
  • I don’t really pay attention. The price of a diamond is what it is. — Stew Brandt, H. Brandt Jewelers, Natick, MA
  • It has always been a useful tool for me. Since every retail market is different and every diamond supplier has different pricing structures, it can be very helpful for price estimates and negotiations when sourcing diamonds as well as making sense of competitors’ retail prices. — Eric Stevens, Stevens Diamond Jewelers, West Springfield, MA
  • We do not do enough in loose diamonds to have ever made it a justified expense in 19 years. — Cliff Yankovich, Chimera Design, Lowell, MI
  • Although Martin Rapaport has provided a tremendous resource for merchants, I don’t refer to outside price lists for guidance. — J. Mason Cutchin, J. Mason Custom Jeweler, Chapel Hill, NC
  • I have subscribed to it for years. I enjoy the magazine and the email news updates. It gives me an idea of what is going on in the world of diamonds. — Mark Goodman, Goodman Jewelers of Abingdon, Abingdon, VA
  • Diamond prices are high and seem to be going up weekly. We haven’t seen a steady price increase like this in at least three years. — Ronnie Malka, Malka Diamonds & Jewelry, Portland, OR
  • Same as always. It’s nonsense. — Peter Tims, White Mountain Jewelers, Show Low, AZ
  • It is now — and in my opinion always has been — only a guide to refer to. Not the end-all for prices. — Bob Richards, Bob Richards Jewelers, Germantown, TN
  • It is waning in value/importance. We use it mostly for determining values when writing up appraisals on diamond jewelry. — Jennifer Hornik Johnson, Miller’s Jewelry, Bozeman, MT
  • Looks like they want prices to go back to pre-pandemic prices. — Carrie Plott, Gloria’s Jewelry, St. Paul, MN
  • We have not used the list in years. — Barry Fixler, Barry’s Estate Jewelry, Bardonia, NY
  • I wish he were required to own inventory in order to be allowed to publish. — Stacey Horcher, J. Reiss, Lincolnwood, IL
  • I don’t use it. I have two wonderful suppliers I trust. They don’t let me down. Maybe for appraisal references. — Rick Nichols, Nassau Jewelry, Fernandina Beach, FL

What’s the Brain Squad?

If you’re the owner or top manager of a U.S. jewelry store, you’re invited to join the INSTORE Brain Squad. By taking one five-minute quiz a month, you can get a free t-shirt, be featured prominently in this magazine, and make your voice heard on key issues affecting the jewelry industry. Good deal, right? Sign up here.

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].

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