The Rapaport diamond report is a monthly listing of diamond prices, availability and market information for the diamond industry. The report is also sometimes called the Rap report. This report is the wholesale price list for single piece diamonds, the pricing takes into account the color, clarity, cut and weight (carat) and fluorescence of the diamond.
As this report is only accessible to diamond dealers, you need to ask your local diamond dealer to let you have a look at it. A lot of online jewelers also use this report and can give you the current price of a specific quality diamond. Keep in mind that the prices given on the rap report should be taken as the starting point of your negotiations.
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How much discount you can get on the rapaport diamond report depends on various factors such as:
• The type of sales turnover the jeweler has. If he has a high turnover then he could be sourcing his diamonds at a lower price and can give you additional discount.
• Depends if the dealer has bought the diamond on cash instead of credit, if on cash then he has again bought at a lower price and can pass on the discount to you. .
• A brick and mortar store will have higher overheads than an online store, but you can still find some offline jewelry stores who have kept their prices competitive and can offer you similar discounts as an online jeweler with the added advantage that you can physically look at a stone and compare.
• How old is his inventory and how desperate is the jeweler to make the sale.
• The availability of the diamond especially the type of cut. The rarer the cut the less discount you are likely to get.
• Your own negotiation skills.
You can buy a solitaire at a much lower price than the suggested retail if you make the effort to check around and use the rapaport diamond report to your benefit. A lot of jewelers don’t like the idea that the retail customers have started to use the rap report as it is eating into their profit margins, but more and more jewelers are accepting the fact that a knowledgeable customer is good for the industry and will lead to wider transparency in the diamond industry and weed out the non serious buyers.
So go out and inform yourself with the whole process and save yourself some serious change.