Rapaport Raises Prices RapNet Services

Polished
01/12/2015 20:44

In a letter addressed to RapNet members, Rapaport announces changes in the RapNet structure, which will now include four Service Packages. Prices for the RapNet Dealer (available for members listing up to $7 million worth in diamonds) and RapNet Primary Supplier packages (for members listing over $7 million worth at the same time) will be raised starting January 1st to $100/month or $1,100/year and $500/month or $5,500/year respectively. The current fee ($60/month or $660/year) will continue to be applied for RapNet Jeweler and RapNet Light packages, reserved for retailers and jewelry trade members who wish to use Rapnet for sourcing and pricing respectively. Justifying the rise in prices, Rapaport Chairman Martin Rapaport in the letter says that rather than "run scared given the challenges facing the industry", increasing spending on marketing and technology will enable RapNet to "take proactive measures that will increase business opportunities for our members".  The letter further adds Rapaport will be investing significantly in RapNet: "Our business is all about adding value and as always that means we plan to give more than we get".