While the price of gold is set daily by the London Stock Exchange, valuing a diamond requires referring to the Rapaport, which lists the reference prices for polished diamonds. What is its origin, who is it intended for, and how do you read it? Gemme Jewelers sheds light on this essential tool for appraising antique or contemporary pre-owned jewelry.
What is the Rapaport?
The Rapaport, or Rapaport Diamond Report, is an essential international reference for diamond appraisal. The document was created by diamond dealer Martin Rapaport in 1978, in the absence of an official valuation system for diamond pricing. Since then, it has served as a guide for professionals in assessing the price of polished diamonds. The report is published weekly. Published every Friday, it classifies diamonds according to various criteria such as cut, color, clarity, and carat weight. Professionals use it to set sales prices, negotiate, and purchase diamonds. Rapaport prices provide an essential basis for transactions in the diamond market, promoting transparency and consistency.
How to read and understand Rapaport tables?
Rapaport is presented in the form of summary tables, with prices expressed per carat, in US dollars. It consists of 18 price charts for different carat weights of round brilliant diamonds (from 0.01 carat to 10.99 carats) and 14 price charts for different carat weights of fancy-cut diamonds (oval, princess, pear, etc., from 0.18 carat to 10.99 carats).
Each chart is presented in the form of a double-entry table, where the price per carat of the diamond is given according to its color and clarity grade.
The Color
Along the vertical axis of each chart are the different color graduations for diamonds, represented by the letters D to M. The closer the color of the diamond is to white, the closer the corresponding letter will be to D. An M-color diamond will have a yellowish tint.
Note: The Rapaport valuation charts only apply to white diamonds, not colored or fancy color diamonds.
The Clarity
Diamond clarity is also graded from IF to P3:
• IF for Internally Flawless, meaning the absence of inclusions visible under 10x magnification
• VVS1 and VVS2 for Very Very Small Inclusion, meaning the presence of tiny inclusions barely visible under 10x magnification
• VS1 and VS2 for Very Small Inclusion, meaning very small inclusions barely visible under 10x magnification
• SI1, SI2, and SI3 for Small Inclusion, meaning small inclusions visible under a magnifying glass (10x) or even to the naked eye
• P1, P2, and P3 (or I1, I2, I3) for pitted (or Inclusion) when the diamond has inclusions that are easily visible under a magnifying glass and more or less visible to the naked eye.
Is the Rapaport still relevant in 2024?
Much criticized at its inception, the Rapaport helped lift the opacity of diamond prices and prevent market manipulation. In 2024, it remains the benchmark matrix for diamond dealers and dealers worldwide.
As the most precious stones in the world, diamond prices are not regulated by a market price, unlike fine gold. However, the Rapaport price lists should be considered as indicative only. They do not take into account, in fact, the quality of the cut which can vary greatly depending on the house of origin of a ring set with diamonds or a solitaire diamond.
What is Rapaport used for?
Rapaport grids are used as a guide by buyers, resellers, diamond dealers, and jewelers to set the selling or repurchase price of a diamond, or to appraise a pre-owned piece of jewelry.
Rapaport tables are not publicly available. They are available by subscription for professionals. Printed in black on a red background, they are difficult to photocopy.
Resources additional to Rapaport for selling or buying a diamond
The Rapaport charts are not the only resource professionals have at their disposal for estimating the price of a diamond or a pre-owned wedding band set with diamonds.
Although the Rapaport lists are the most widely used worldwide, there are other references, such as the index published by IDEX and updated hourly. Diamond certification is also extremely useful for attesting to its characteristics and guaranteeing its quality.
Specialists in diamond repurchase in Lyon, Gemme Jewelers offers an expert appraisal service based on the weight, condition, and certificate of your stone. Contact us for an immediate repurchase offer!
Here is an example of a Rapaport Diamond Report:
