|Posted on July 10, 2010 at 5:35 AM|
The Belgium Polished Diamond Traders Association (BVGD) has always been at the forefront and is leading the struggle for a free, fair and transparent market.
The BVGD is very concerned by the latest reduction of the Rapaport diamond price list.
While we recognize that a correction in polished prices is taking place, the uniform decrease across the board from 10cts down to .30cts simply does not reflect the reality of the market.
At a time of extremely thin trading owing to a series of Jewish and Indian holidays coupled with the global economic turmoil it is very difficult to gauge the full impact of these price movements.
It is expected that the 3.00ct+ range will suffer the greatest correction as this is the area where the prices have risen the most. What is inconceivable is why the Rapaport Group considers it appropriate to reduce prices similarly in all ranges from 0.30 -10ct.
The 0.30 – 1.00ct range represents a range of polished where recent price rises were not even reflected on the Rapaport list and his decision to reduce the prices proportionately to the 3.00+ highlights once again his inability to correctly read the polished diamond market.
Acknowledging the need and usefulness of a price guide index for our industry, the BVGD appeals to other Polished Diamond Traders Associations to join it within the umbrella of the World Federation of Diamond Bourses to create a credible price index based on a clear and transparent methodology.
President of the Board of Directors of BVGD