The Rapaport Group of Companies has suspended all activity with all Russian and Belarusian companies, according to a company statement. This includes Rapaport Information Services, RapNet Trading Network, Auctions, Brokerage and Quality Control services for both sanctioned and unsanctioned companies.
RapNet — the world’s largest diamond trading network, with daily listings of 1.7 million polished diamonds valued at $8.7 billion — has implemented new software that enables sellers to list the source of rough diamonds and allows buyers to search by rough source.
Buyers wishing to avoid polished diamonds sourced from Russian rough are encouraged to request the following statement on all invoices: “The polished diamonds herein invoiced are cut from rough mined in [country].” Alternatively, for polished of unknown rough sources: “To the best of our knowledge, the polished diamonds herein invoiced do not originate from Russian rough diamonds exported after April 1, 2022.”
Rapaport Information Services also announced the launch of sr.rapaport.com, dedicated to providing a centralised source of information about social responsibility in the jewellery industry. The site features comprehensive resources and contacts.
“Our hearts go out to the people of Ukraine. We pray for peace. We believe the best way to deal with the legal and ethical aspects of Russia’s invasion is to promote and enable honest transparency about the source of diamonds,” said Martin Rapaport, chairman of the Rapaport Group.