NEW YORK--(BUSINESS WIRE)--Rapaport Auctions, the world’s leading recycler of diamonds, opened its melee auction this week with over 120,000 carats of diamonds. The auction offers a broad range of recycled and finely assorted premium quality diamond parcels in all shapes, qualities and sizes. The recycled diamonds are sourced from retailers, pawnshops and refineries from around the world.
Viewing is taking place in Rapaport’s New York office from February 21-23 and at AsiaWorld-Expo in Hong Kong from February 28 - March 1. The wide variety of merchandise offered and the opportunity for buyers to purchase such large quantities of diamonds has generated overwhelmingly positive buyer interest. Viewing is by appointment only and limited spaces are available.
“We are excited to be auctioning over 120,000 carats of melee diamonds in Hong Kong at one of the largest jewelry shows of the year. The diamond markets have stabilized over the past few months and developed a positive momentum. Prices for larger size diamonds are recovering after an extended period of decline. While demonetization in India drove melee prices down in December, the market is adapting to the new regulations and recovering. We believe the new policies will have a healthy long-term positive impact on the Indian diamond market and international trade.
"Markets are in recovery mode with improving U.S. and Chinese demand. However, increased rough supply and tight profitability in the manufacturing and wholesale segments are of concern,” said Ezi Rapaport, Director of Global Trading, Rapaport Group.
The Rapaport Group operates in compliance with the U.S. Patriot Act and OFAC regulations.
About Rapaport Auctions:
Rapaport Auctions is the leading reseller of diamonds globally and provides an excellent opportunity for the diamond trade to buy and sell diamonds at fair market value cash prices. The large quantities and wide variety of merchandise offered attract competitive bids from a broad range of international buyers. Rapaport Auctions is committed to addressing the needs of the international diamond community for enhanced liquidity while presenting unprecedented buying opportunities.
About the Rapaport Group:
The Rapaport Group is an international network of companies providing added value services that support the development of ethical, transparent, competitive and efficient diamond and jewelry markets. Established in 1978, the Rapaport Price List is the primary source of diamond price and market information. Group activities include Rapaport Information Services, Rapaport Magazine, and Diamonds.net, providing research, analysis and news; RapNet – the world’s largest diamond trading network; Rapaport Laboratory Services provides GIA gemological services in India, Belgium and Israel; and Rapaport Trading and Auction Services specializing in recycled diamonds and jewelry. The Group supports over 20,000 clients in 121 countries and has offices in New York, Las Vegas, Antwerp, Ramat Gan, Mumbai, Surat, Dubai and Hong Kong. Additional information is available at www.Diamonds.net.
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