(NEW YORK) – Martin Rapaport has released a comprehensive editorial entitled “Market Correction” that calls on the diamond trade to end unsustainable business practices. Citing the imbalance between high rough and low polished diamond prices, Rapaport calls on the banks to stop financing unprofitable diamond manufacturing until polished prices rebound and profitability returns. He urges the trade to prioritize the purchase of polished diamonds over rough. Rapaport encourages the industry to promote confidence in diamonds by supporting competition among buyers who provide transparent, firm bid prices.
“While we sympathize with the difficult market situation suppliers are experiencing, Rapaport remains firmly committed to maintaining transparent competitive markets and honest pricing at all times. We believe that buyers and sellers must have access to fair price information in declining markets and refuse to restrict the flow of our information to suit the needs of suppliers who wish to protect their profit margin. We believe in fair markets and reject the notion that the interests of suppliers are more important than those of buyers,” said Martin Rapaport, Chairman of the Rapaport Group.
The “Market Correction” editorial is available in the May 2015 issue of the Rapaport Magazine and on the Diamonds.Net website. Members of the trade are encouraged to distribute the article. Comments about the article may be sent to email@example.com.
Additional analysis about the diamond industry with a focus on consumer demand will be provided in Martin Rapaport’s “State of the Diamond Industry” presentation that will take place at the Rapaport Breakfast JCK Show on Sunday, May 31, 2015, 8:00-10:00 am in the South Seas Ballroom, Mandalay Bay Hotel. The breakfast is free and open to all.