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The "Rap Trap"
a.k.a. the "All Diamonds 10% Under New York Wholesale Game"
The Rapaport Diamond Report™ and The Diamond Price Report™ are trade periodicals intended to be a market analysis and indicators of the current HIGH CASH ASKING PRICES of the New York Diamond Market. Both of these publications base their estimations on an average of the current wholesale asking prices for GIA Certified Diamonds based on their shape, size, color, and clarity. These reports do NOT automatically factor in price increases for better proportions and finish or decreases in price for circumstances such as chips, scratches, poor proportions / cut, etc. but do suggest them.
This is a page from our original site, please click here to visit our current site!
Before somebody gets there feathers ruffled unnecessarily, understand that both The Rapaport Diamond Report™ and The Diamond Price Report™ are both fine publications, that when used properly are an important asset to the diamond industry. The problem lies not with the publications, but rather with disreputable jewelers who misuse them to defraud the public.
Eventually you're going to run into a jeweler who will lay a "Rap" sheet out in front of you and say something like "You seem like a nice guy... because I like you, I'm going to sell you this diamond for 10% under Rap." Some jewelers are even so bold as to advertise on radio, television, and the web, that all of their diamonds are priced below Rap or New York Wholesale.
The unfortunate reality is that most stores who claim to sell "at or below Rap" or "10% Under New York Wholesale" are simply misrepresenting the quality of what they are selling or selling uncertified diamonds 10% under the market asking price for certified diamonds. Keep in mind that certified diamonds always cost more than uncertified diamonds and that their grading is more reliable.
Realize that not all jewelers attempt to deceive the
public by representing uncertified diamonds 10% under the recommended
market price for certified diamonds. One retailer we know
advertises "GIA and EGL Certified Diamonds 10% under New York
Wholesale". Now we have to wonder, how can a retailer sell his
inventory for 10% below his wholesale cost and still afford to pay his
$12,000 a month lease payment and other overhead expenses? Don't
strain your brain, the answer is quite simple. Subtle differences in the quality of a diamond's
cut and it's proportions can have dramatic effects on it's cost. Knowing
this, you might realize what's really happening. For example, let's
carefully examine two diamonds from our May 3, 1997 inventory list:
#TR31L64101 / RBCD / 1.01 / SI-1 / F / GIA CERT / $6,153.00
#TR31UD101 / RBCD / 1.01 / SI-1 / G / EGL CERT / $4,404.00
Now your brain might be asking "What's going on?" After all,
these two diamonds appear to be the same with the exception of one color
grade, who certified them, and $1,749.00
Naturally, all things appearing to be comparable, you're going to purchase
the EGL Certified 1.01 SI-1 G because it's a deal... Heck, it's
$1,749.00 cheaper than the 1.01 GIA Certified diamond from another
dealer! And that's what some retailers and diamond dealers are counting
on. You're naiveté. Let's take a closer look at these diamonds
with the help of the diamond grading reports.
Let's begin with the understanding that GIA and AGS graded diamonds
frequently trade for as much as 10% more than diamonds graded by other
laboratories because they are considered to be stronger, more accurate
paper.
Reference #: TR31L64101
Price: $6,153.00
Certified By: GIA Gem Trade Laboratories
Weight: 1.01
Shape: Round Brilliant Cut
Clarity: SI-1
Color: F
Measurements: 6.49-6.55 X 3.92 mm
Depth: 60.1%
Table: 63%
Crown Angle: not provided GIA reports.
Pavilion Depth: not provided on GIA reports.
Girdle: Thin to Medium, Faceted.
Culet: None
Polish: Very Good
Symmetry: Very Good
Fluorescence: None
Comments: None
Price: $4,404.00
Certified By: European Gemological Laboratories (EGL)
Weight: 1.01
Shape: Round Brilliant Cut
Clarity: SI-1
Color: G
Measurements: 6.49-6.57 X 3.79 mm
Depth: 58%
Table: 67%
Crown: 11%
Pavilion: 43%
Girdle: Medium, Faceted.
Culet: None
Polish: GOOD
Symmetry: GOOD
Fluorescence: Moderate Blue
Comments: None
Now that we can see the details of the diamond grading reports, we can see
that the EGL graded diamond does not have as nice a cut (GOOD instead
of VERY GOOD) and has Moderate Blue Fluorescence where the GIA graded
diamond has none. These things affect the brilliance of the diamond and
the price you pay for it. The GIA Certified diamond costs more because
it's of nicer make and does not have fluorescence.
Beware of "Deals" from jewelers and diamond dealers selling
"at or below Rap" because they are often selling inferior goods
at a fair market price and deceiving you into thinking you're paying wholesale
for them by showing you industry publications that reflect recommended
wholesale prices for GIA Certified round brilliant cut diamonds cut within
the ideal range with no exceptions, such as fluorescence. As with
the example of the two 1.01 carat diamonds listed above, it just looks
like the jeweler is doing you a favor...
Understand that each publication clearly states that prices for finer
makes and fancy shapes will command higher prices. Likewise,
diamonds with poor cut and proportions cost less than better cut
goods. These reports are based on an average or "ideal
range" for cut and proportions. The reality is that they can be
quite confusing to a person who has not been in the diamond industry for
an extensive period of time.
We prefer to keep diamond buying simple, straightforward, and enjoyable. We only sell round brilliant ideal cut diamonds graded by the AGS and GIA Laboratories. We price each diamond individually based upon it's unique characteristics, thereby assuring you of the fairest price possible. And the diamond grading reports for the diamonds that we sell are always available for your inspection upon request. To review our on-line inventory of available diamonds, please visit The Private Reserve
May we help you find the diamond of your dreams?
Send us an email diamonds@niceice.com
and tell us what you are looking for.
Or give us a call at 206.319.8152 or Toll Free 877.844.5443
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