The Online Diamond Industry Secrets
What Is RapNet?
RapNet is the Rapaport Diamond Trading network available exclusively to members of the diamond and jewelry trade. With listings of over 700,000 diamonds valued at more than $5 billion in 76 countries, RapNet is the largest and most important diamond trading network in the world.
Does RapNet Open Its Network To The Public?
No! RapNet is only open to paid members of the diamond and jewelry industry.
How Does Online Internet Retailers Interact With RapNet and RapNet Members?
Online retailers can connect to RapNet directly via RapNet published API and upload the certified diamonds to their website. Some RapNet diamond vendors established their API bypassing RapNet and can connect directly to the online retailer database.
I see online retailers that list Hundreds of Thousands of diamonds on their site. Do they have these diamonds on-hand?
No! In most cases, only when a consumer is placing an order for any certified diamond from any of the top websites, the online retailer will only then place the order with the specific diamond supplier to be shipped either to their headquarters and from there to the consumer or directly to the consumer.
Can the same exact diamond be listed on different websites simultaneously?
YES! You might be seeing the same exact diamond being published on different sites.
How do I verify my diamond origin?
You cannot! Some Online retailers are stating the diamond’s origin on their site. Most likely this information is false. In order to know the diamond origin, one needs to know where the rough diamond is coming from. Origin is not part of the fields on RapNet and does not appear on the vendor’s API. 99% of the diamond vendors do not know where the Rough diamonds are coming from. It is strongly recommended that you DO NOT make your decision based on the origin of the diamond. As the simple answer to it is that no online retailer knows. The only requirement by the USA is that any diamond sold in the USA will be a conflict-free diamond and part of the Kimberly Process. This is a requirement that all respectable retailers in the USA must comply with.
The Exclusivity Agreements and How Does It Hurt the Consumer
Few online jewelry retailers are forcing diamond vendors to sign an inventory API exclusivity agreement where the vendors cannot provide their API to any other online retailer. This practice is against you, the consumer, and hinders healthy competition.
This kind of practice, which strong-arms diamond suppliers and prevents diamond suppliers from distributing their diamonds through other online sites, creates a mini monopoly and price-fixing and ultimately prevents you, the consumer, from getting the best price.
It is The Art of Jewels' opinion and practice that the consumer deserves the right to buy diamonds at the lowest price possible.
How to Buy Your Desired Diamond at The Lowest Price Possible Even If You Can Not Find It On Our Website?
We will need from you just three (3) data points:
If you saw a diamond in a traditional jewelry store, please provide us with the following information: