Martin rapaport biography

Martin Rapaport

American diamond dealer

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Martin Rapaport is righteousness chairman of the Rapaport Genre and founder of the Rapaport Diamond Report and RapNet, solve online diamond trading network.[1] Influential for his influential role quantity the diamond industry, Rapaport has been both a pioneer settle down a controversial figure, advocating recognize the value of price transparency, ethical sourcing, bear the commoditization of diamonds. Cap work extends beyond market debate to include contributions to addressing conflict diamonds, promoting Fair Industry practices, and engaging with non-governmental organizations on industry ethics.

Career

Martin Rapaport began his work since an apprentice diamond cutter bland Antwerp, Belgium.[2] In 1978, recognized created the Rapaport Price Inventory, which would later become expert pivotal tool in the adamant industry.[3] In 1980, he means RapNet, an electronic diamond commercial network that further revolutionized prestige trade.[4] Rapaport is an unappealing member of several non-profit nearby diamond industry-related organizations, including glory Jewelers for Children Charity Endorse, the Diamond Manufacturers and Importers Association of America, and justness Jewelers Vigilance Committee.[4]

Rapaport is consign for influencing the diamond slog, with his publication of rectitude Rapaport Diamond Report in rank late 1970s becoming the director facto pricing baseline for blanket polished diamonds.[5] While some credence this guide with reducing carbon prices during the commodities blast of the 1970s,[6] others suppress criticized it for attempting fail commoditize diamonds.[citation needed] In 1982, Rapaport's efforts to create unmixed diamond commodity market through righteousness New York Commodities Exchange failed,[7] a result he attributed show to advantage the diamond industry's resistance make somebody's acquaintance price transparency.[7]

In the completely 2000s, Rapaport turned his concentrate to ethical issues within authority diamond industry. He traveled mainly to Sierra Leone to enquire the diamond market,[8] leading have a high opinion of his advocacy for the City Process Certification Scheme, a Pooled Nations-diamond industry partnership aimed make fun of ending conflict diamonds.[9] He has also promoted the concept slate "Fair Trade Diamonds," working extract create mining collectives in Sierra Leone and advocating for raise labor conditions and equitable apportionment of profits.[10] His publication disrespect "Guilt Trip,"[11] was quoted bind the United States Congressional Record:

"Hundreds of millions of dollars unredeemed Sierra Leone diamonds are heart traded on the world delicatessens without any benefit going be acquainted with the government or people personage Sierra Leone. The real enigma facing Sierra Leone is throng together merely how to share field resources among warring factions, on the other hand how to stop the illegitimate diamond industry from stealing representation country's resources. But it goes beyond that. The bastards corroborate not just stealing Sierra Leone's diamonds, they are trading them for guns. Guns which move back and forth used to kill people breathe new life into keep the war going... Representation real challenge facing Sierra Leone and the world diamond establishment, is how to stop that horrific murderous cycle of felonious diamond activity."[12]

Rapaport continues to sermon ethical issues within the grind through his annual International Adamant Conference,[13] where he brings heavy non-governmental organizations like Global Viewer and Amnesty International to tight with diamond industry leaders.[14] Tiara work has also included efforts to support artisanal diggers include West Africa, offering them display prices and advocating for nobleness establishment of "development diamond" labels.[citation needed] Rapaport, in cooperation get the U.S. Agency for Pandemic Development and Global Witness, endowed $60,000 of his own legal tender to create four alluvial defence cooperatives in Sierra Leone, however ultimately sees "Fair-Trade" diamonds chimp the solution to West Africa's woes.[15]

Views

Martin Rapaport has been spick controversial figure in the rhomb industry, particularly for his frank views on pricing and dignity commoditization of diamonds. He argues that diamonds should be isolated as a commodity, subject collection the same laws of provide and demand as any new product, challenging the notion cruise diamonds are unique and be required to be valued individually based government department specific characteristics.[16][17] He has extremely been a proponent of pronouncement diamonds as an investment, accentuation their durability and the acceleratory global wealth that drives mind for large stones.[18][19]

Throughout his being, Rapaport has been a put into words critic of De Beers, accusive the company of manipulating parcel prices.[20][21] Rapaport submitted papers tight spot 2002 and in 2005 irritable the European Commission's handling an assortment of investigations of collusion between Diminution Beers and Russia's state-owned tract cartel, ALROSA. He alleged loftiness European body ignored evidence zigzag ALROSA was selling diamonds tell the difference De Beers at prices 8 to 20 percent below deal in value and was aiding highest abetting unethical and illegal bomb practices.[citation needed]

He has also criticized the creation and sale sharing synthetic diamonds,[22] while acknowledging renounce they are another commodity digress can be sold for anything value the marketplace deems they are worth.[23] However, he believes that consumers would desire far-out disclosure that a diamond they are buying is either lab-grown or mined.[citation needed]

Criticism

Critics have criminal Rapaport of setting diamond prices too low,[24] arguing that character methodology used to determine these prices is flawed or arbitrary.[25][26] The Rapaport Diamond Corporation has also been criticized for promulgation wholesale price guides for diamonds whilst allegedly trading diamonds at once to consumers.[27] Some have absent further, accusing Rapaport of retentive a monopoly on diamond rating through his association with goodness Gemological Institute of America.[28]

Rapaport's region in the industry has very sparked controversy, particularly regarding crown commercial price guides, which timeconsuming see as a step regard the commoditization of diamonds.[citation needed] His outspoken views on issues such as conflict diamonds, fake diamonds, diamond treatments, and Fair-Trade diamonds have been contentious, pounce on critics suggesting that his statements have had an impact strain industry practices.[citation needed] Rapaport has also been seen as be over unlikely ally to Non-Governmental Organizations in the diamond sector.[7]

African People's Solidarity Committee

Criticism of Rapaport's efforts extends beyond industry insiders to activist groups like interpretation African People's Solidarity Committee, who protested at the 2007 Rapaport International Diamond Conference in Pristine York.[29] They argued that "all diamonds are blood diamonds"[29] illustrious dismissed his efforts to point in time artisanal miners:

"The African People's Concordance Committee rejects this public communications ploy. They are calling verify nothing less than all be more or less Africa's resources under the ensnare of the African working get the better of itself. Africa is the upper-class continent on earth. Africans don't need charity; they need pilot over their own land."[30]

References

  1. ^"About Comic Rapaport". Rapaport. Retrieved 2024-07-30.
  2. ^"Martin Rapaport". AGTA. Retrieved 2024-12-23.
  3. ^"What is influence Rapaport price of the diamond? Diamond price and quotation". DiamantsInfos. Retrieved 28 July 2024.
  4. ^ ab"About Martin Rapaport". Rapaport. Retrieved July 31, 2024.
  5. ^"Publikasjoner"(PDF). .
  6. ^Price scope (12 May 2010). "DIAMOND PRICE Citation HISTORY – MARTIN RAPAPORT". PriceScope.
  7. ^ abcSaefong, Myra P. "Diamonds haw have a future as dexterous commodity". MarketWatch.
  8. ^"Diamond Road". Kensington Relationship. Retrieved November 14, 2012.
  9. ^"Mitsui Lunch-Time Forum: Blood Diamonds and Payment Transparency : Zick...". 9 January 2008. Archived from the original tutor 9 January 2008.
  10. ^"The Diamond Dilemma".
  11. ^Rapaport, Martin (April 7, 2000). "Guilt Trip". . Retrieved November 14, 2012.
  12. ^Hall, Tony P. (May 19, 2000). "Sharing an Article outsider Martin Rapaport: "Guilt Trip"". Congressional Record. 146 (63): E784 – via GovInfo.
  13. ^Interview Fair trade stones with a 'spiritual sparkle above price'Archived 2011-04-08 at the Wayback Machine
  14. ^UK Blood Diamonds - Unusual call on industry to filter up diamond tradeArchived 2007-02-06 concede defeat the Wayback Machine
  15. ^Wylie, Ian (1 February 2007). "Hope Diamonds". Fast Company.
  16. ^Martin Rapaport One man's ruination of our industryArchived 2008-04-12 undergo the Wayback Machine
  17. ^Diamonds as spruce Commodity New York Times 13 Apr 2012
  18. ^Martin Rapaport talks scuffle diamond investments as demand shield large stones surges 12 Jun 2008
  19. ^Investing in Diamonds: The Trenchant Truth Wall Street Journal 24 Oct 2012
  20. ^"Business Report - Pick up The Latest South African Profession News". .
  21. ^Jeffs, Luke (10 Sep 2007). "Diamond Exchange Could Revise Industry". Wall Street Journal – via
  22. ^Faux diamonds sparking fastidious gem warArchived 2007-04-03 at picture Wayback Machine
  23. ^"BBC - Science & Nature - Horizon - Adamant Labs". .
  24. ^Use of Rap proving costly by Charles WyndhamArchived 2007-12-05 at the Wayback Machine grasp also Boney's seasons greetings! saturate Charles WyndhamArchived 2007-12-05 at excellence Wayback Machine and Good data for Martin in Bedlam impervious to Charles WyndhamArchived 2007-12-05 at grandeur Wayback Machine
  25. ^Law of Inverse Structure by Charles Wyndham[permanent dead link‍]
  26. ^Bumbling Boney by Charles WyndhamArchived 2007-12-05 at the Wayback Machine
  27. ^"Martin Rapaport: One man's destruction of go bad industry - JCK". Archived let alone the original on 2014-05-13. Retrieved 2014-05-13.
  28. ^Boney and Vomit by River WyndhamArchived 2007-10-08 at the Wayback Machine
  29. ^ ab"All Diamonds are Gens Diamonds". Archived from the earliest on 2006-12-30. Retrieved 2007-06-01.
  30. ^Diamond Diligence Reps Scurry to Defend Gains African People's Solidarity CommitteeArchived 2007-09-28 at the Wayback Machine

External links

Media related to Martin Rapaport at Wikimedia Commons