While more than 300 million voters go to the polls this week for the European Parliament elections, members of RapNet - the world’s largest diamond trading network - will have the opportunity to vote on whether it should provide diamond listing and pricing services for synthetic diamonds, yet ultimately the organization itself will decide.
According to Rapaport News, the vote will provide RapNet and the jewelry industry with important input as to the role of synthetic diamonds in the diamond trade. The final decision regarding the matter, however, will be made by the RapNet management team, which makes the vote more of an opinion poll. “Synthetic diamonds present significant challenges and opportunities to the diamond trade," said Martin Rapaport, Chairman of the Rapaport Group. "The role of natural diamonds is threatened as synthetic diamonds offer consumers lower prices and provide retailers with higher profit margins. The problem with synthetic diamonds is that they are not a store of value as they have no natural scarcity and can be manufactured with unlimited supply. Their prices are expected to decline over the long term as their cost of manufacturing falls. The diamond trade must decide if they want to trade in long-term integrity for short-term profits.” Judging by his statement, it seems clear where Mr. Rapaport stands on the issue.
Voting will be limited to registered RapNet members who log in to RapNet.com and will take place from Sunday May 26 through Friday May 31, 2019.