RAPAPORT… The Rapaport Price List is commonly used by dealers as an approximate guideline for evaluating diamond prices. Readers should understand the kind of prices quoted, standards used to describe the diamonds referred to in the List, the limitations of the List and how it can be used to aid buyers and sellers.
The Round and Pear Shape Price Lists are published weekly except for holidays. The Pear Shape Price List includes information about other common diamond shapes. New Price Lists are posted on the internet at midnight on Thursday.
High Asking Prices
The Price Lists quote our opinion of high cash asking prices. These prices may be substantially higher than actual transaction prices. No guarantees are made and no liability assumed as to the accuracy or validity of our price information. These high prices reflect market consensus clearing prices at which almost all sellers in the trade are willing to sell. While there is considerable disagreement over transaction prices in the trade, it can be said that almost everyone everywhere agrees that the price level of the Rapaport List is high enough to serve as the initial starting point for negotiations.
The List prices are almost always significantly higher than actual dealer transaction prices, which tend to trade at discounts to the List. For example, prices in the May ’96 trade listings indicate an average discount of about 25 percent. The level of discount varies greatly and is influenced by many factors. Stone quality and cut, credit/memo terms, the location and type of market and the liquidity level of particular size-quality combinations all impact the discount level.
The overall discount level can change with market conditions and reflect market liquidity (i.e., the risk of owning inventory). In general, the greater the risk, the greater the discount. If diamonds are very scarce and, therefore, liquid, the discount level falls. If diamonds are in oversupply and hard to sell, then the overall discount level rises. Certain size-quality combinations have lower discounts than others because they are in greater demand and are, therefore, more liquid. As liquidity increases, the risk of ownership decreases and so does the difference between asking and transaction prices.
It is important to recognize that the List does not set transaction prices but only serves as a starting point for negotiations and a basis for establishing value for a broad range of qualities. Transaction prices are the result of negotiations between buyer and seller.
Diamond Specification
The Price List relates to the values of accurately graded, well-cut diamonds in the cash marketplace. GIA grading standards are used for all clarities except SI2, SI3 and I1. We have introduced an intermediate SI3 clarity grade to differentiate between eye-clean and non-eye-clean stones. SI3 are lightly included SI2 and I1 diamonds that have eye-visible inclusions.
The List relates to diamonds with GIA grading reports for those qualities (D-J, IF-VS2) that are commonly sold with grading reports. Lower quality stones need not have grading reports but should be graded to GIA standards.
Caution: Grading laboratories use subjective methods of analysis. The same diamond may be evaluated differently by different labs or even each time it is submitted to the same lab. Grading reports and our Price List do not replace the human factor in evaluating diamond quality or price determination.
Rapaport specifications for GIA Graded Round Diamonds
RDC Spec A B
Cut Grade Very Good or better Very Good or better
Depth % 57.5 – 62.5 57.0 – 63.0
Table % 55 – 64 55 – 65
Girdle No extreme; no very thick As “Spec A”
Culet No large or chipped As “Spec A”
Polish “Good” or better As “Spec A”
Symmetry “Good” or better As “Spec A”
Fluorescence No strong or medium Medium OK, but no yellow
Comments No graining Surface graining OK
No crown angle comment As “Spec A”
No lasering As “Spec A”
No color or clarity treatments As “Spec A”
Cut Specification
The Price List relates to well-cut diamonds that meet our Rapaport Specifications A, as described in the table. In some instances, “excellent” and “ideal” cut stones bring prices substantially higher (10% to 15%) than well-cut stones. Poorly cut stones often trade at much lower prices (-10% to -40%) than well-cut stones.
While fluorescence is not a cut parameter, it does influence the price of high quality diamonds, and we have included it in our specification table. See fluorescence table for additional information. We note that in many instances fluorescence does not substantially decrease value; for lower color stones, it may increase value.
Note: Stones that do not meet A or B are Rap Spec “C.”
These specifications are subject to change without prior notice.
Price Indications for 6 to 10 Carat Stones
Asking Price Indications Based on Rapaport Cut Spec A
Approximate Price Indications for Larger Sizes
Use these percentage increases from 5 carat prices for 6 to 10 carat stones. Example: 5 ct. J VS1=110 ->10 carat J
VS1 = 110×1.25 = 137.50 or $13,750 per carat.
These indications should only be used as guidelines.
Large stones are very thinly traded and prices may vary significantly from dealer to dealer and stone to stone. Current availability of large better quality stones is very limited and buyers may find that asking prices and/or transaction prices may be significantly higher or lower than these price indications. This price information should only be used as a general indication of the current market.
Approximate % Increase over 5 carat prices
6 Carat
IF-VVS VS SI I1 I2-I3
D-E 3% 2% 2% 2% 1%
F-H 2 2 2 2 1
I-K 2 2 2 2 1
L-M 2 2 2 1 1
7 Carat
IF-VVS VS SI I1 I2-I3
D-E 8% 8% 8% 6% 5%
F-H 8 8 8 6 5
I-K 8 8 8 6 5
L-M 5 5 5 5 5
8 Carat
IF-VVS VS SI I1 I2-I3
D-E 11% 11% 10% 7% 6%
F-H 11 11 10 7 6
I-K 11 10 10 8 6
L-M 6 6 6 6 6
9 Carat
IF-VVS VS SI I1 I2-I3
D-E 20% 18% 16% 12% 10%
F-H 18 18 16 12 10
I-K 18 18 16 12 10
L-M 10 10 10 10 10
10 Carat
IF-VVS VS SI I1 I2-I3
D-E 30% 28% 26% 24% 22%
F-H 28 27 27 24 22
I-K 25 25 25 24 22
L-M 20 20 20 20 20
Price Indications For Blue Fluorescent Diamonds
The impact of fluorescence on price depends on its noticeability. For some higher color stones, fluorescence gives the stone a milky white appearance, which greatly lowers value. In some instances, the fluorescence is hardly noticeable and has minimal impact on the stone’s brilliance and value. Blue fluorescence may add value to lower color stones as it gives the stones a whiter, brighter appearance. Some buyers regularly pay better prices for highly blue fluorescent J and lower color diamonds. Yellow or white fluorescence may require an additional 5 to 10 percent discount. Generally, the higher the quality and price per carat, the more fluorescence lowers value.
Approximate % changes from Non-fluorescent
Blue
Color FluorescenCe IF-VVS VS SI-I3
DE Very Strong -10 to -15% -6 to -10% 0 to -3%
Strong -7 to -10 -3 to -5 0 to -1
Medium -3 to -7 -1 to -2 0
Faint 0 0 0
FGH Very Strong -7 to -10% -3 to -5% 0%
Strong -5 to -7 -2 to -3 0
Medium -1 to -3 0 to -2 0
Faint 0 0 0
IJK Very Strong 0 to +3% 0 to +3% 0 to +3%
Strong 0 to +2 0 to +2 0 to +3
Medium 0 to +2 0 to +2 0 to +2
Faint 0 0 0
LMN Very Strong 0 to +4% 0 to +4% 0 to +3%
Strong 0 to +4 0 to +4 0 to +3
Medium 0 to +2 0 to +2 0 to +2
Faint 0 0 0
