I heard from a reliable source that papers flew, tempers flared and eyebrows raised when Martin Rapaport was in Miami giving a speech yesterday on the state of the diamond industry. While this is not entirely new, his push for the commoditization of diamonds drew a lot of ire. One dealer apparently stood up and tore up the Rapaport sheet (Martin’s claim to fame) right in Martins face and walked out.
While another well known dealer in our area asked Mr. Rapaport something to the effect of “How much money is this going to put in your pocket?” after hearing Martin’s plan to create a futures market for diamonds. This isn’t the first time Mr. Rapaport has drew controversy, this is the same sort of response he got when he first put out his diamond price sheets now know as Rap Sheets. Will he succeed? Only time will tell and he’s not the only one trying to create a commodities market for diamonds (polishedprices.com is the other). One things for sure though, after his visit to Miami, he can add to his list of adversaries which already include DeBeers who has spent a fortune in promoting the symbolism and beauty of diamonds .
Stay tuned to our next post on our why we think this trend towards commoditization isn’t bad thing!
[tag-tec]Diamond futures[/tag-tec], [tag-tec]Martin Rapaport[/tag-tec], [tag-tec]Diamonds as a commodity[/tag-tec], [tag-tec]DeBeers[/tag-tec], [tag-tec]jrdunn.com[/tag-tec]