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What is the Rapaport Diamond Report? As explained in the letter from our president, DeBeers of South Africa controls diamond prices, making wholesale prices on diamonds virtually the same for all jewelers, both in the U.S. and abroad. Rapaport is a comprehensive weekly report, widely used by jewelers, who obtain it by paid subscription. It is a set of tables giving high wholesale prices (spot cash in New York) on well-cut diamonds from 1/100 carat to 6 carats, for each clarity grade and color grade -- that's a hundred prices for each size category. Rapaport is a "benchmark" for wholesale prices. What is the significance to me of the Rapaport price for a diamond? Simply put, Rapaport price information can help you determine the value of any diamond you are considering buying. If you can buy a diamond at "Rap" or below, you are doing well. If you are paying more than Rap, in most cases you are paying too much. At Wooden Skate, we can almost always sell to you a diamond at Rap or below. So if I can find a diamond for the wholesale price you'll quote me, I should buy it? Yes, but only after you read How to Buy a Diamond, our guide to value comparison and consumer protection -- especially the section on cut. Because there is a strong likelihood that someone will try to sell you a poorly cut stone for the price of a well-cut stone. How can a jeweler sell diamonds at wholesale and stay in business? Note we said Rapaport prices are HIGH wholesale. With extra effort and our excellent credit, we are usually able to buy a diamond at 10-20% below Rapaport prices. So we can sell YOU at "Rap" and have that 10-20% to cover our overhead.
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