The Rapaport Diamond Report, commonly called kebe rapaport, is the standardized pricing and grading reference used by many professionals in the diamond trade. It provides systematic listings of polished diamond prices, structured by shape, quality metrics, and size, and is updated weekly to reflect market conditions. This reference is widely relied upon by dealers, manufacturers, and retailers to benchmark offers, set bids, and communicate consistently across markets. Understanding how the report is built and how its data are derived supports more informed decision-making for sourcing, pricing, and risk assessment.
How the Rapaport System Works
Rapaport aggregates transaction data and market inputs to produce price estimates for diamonds across major shapes and size ranges. Each report links to a specific set of quality criteria, including color, clarity, polish, symmetry, and fluorescence, which influence the assigned price level. The system is designed to standardize communication, allowing participants in different regions to reference a common numerical code. This structure enables clearer negotiation and more consistent valuation across borders and trading environments.
Key Shapes and Report Codes
Rapaport codes are organized by diamond shape, making it easier to locate the relevant price list. Round diamonds, which represent a large share of polished diamond inventory, appear under one primary code, while fancy shapes such as princess, emerald, cushion, oval, and marquise each have distinct lists. Within each shape, reports further differentiate items based on size, clarity, and color, which means traders often reference multiple Rapaport sheets when managing a diverse inventory. The clarity grades typically range from Flawless to Included, with intermediate steps, while color grades span from D through Z.
How Reports Are Updated
The Rapaport price lists are refreshed on a weekly basis, usually following the close of the Antwerp and other major trading weeks. Updates incorporate new market inputs, shifts in tender results, and observed changes in supply and demand. Because prices can move between cycles, practitioners monitor these changes closely to avoid reliance on outdated valuations. The frequency of updates helps stabilize expectations, yet it also requires users to confirm the version date before using a report for invoicing or contracting purposes.
Typical Content of a Rapaport Report
A standard Rapaport sheet presents a table of prices for specific combinations of shape, size, clarity, and color. Each cell reflects a recommended reference price, which may be expressed in dollars per carat or in aggregate price estimates for a stated stone weight. Reports include notes on the methodology and adjustments, such as those for fluorescence or strong gyroid strain, which can affect the applicable price. Although these values are widely cited, it is important to recognize that actual transaction prices can vary due to geographic factors, inventory specifics, and negotiation dynamics.
| Metric | Verified Detail | Source Type |
|---|---|---|
| Report Frequency | Weekly updates | Rapaport Group communications |
| Coverage | Multiple shapes, clarity D–Z, sizes in millimeters | Rapaport Price List methodology |
| Pricing Basis | Market-aggregated estimates, tender results | Industry pricing data and market feedback |
| Usage Context | Benchmarking, negotiation, valuation | Industry practice and dealer documentation |
| Caveats | Adjustments for fluorescence, market variance | Rapaport notes and market commentary |
Who Relies on Rapaport
Manufacturers use Rapaport to form baseline offers when producing polished stones from rough. Dealers and wholesalers refer to the reports when pricing inventory and structuring trades with other firms. Retailers may consult Rapaport values to align internal price points with prevailing market ranges, even if they do not transact at the exact listed prices. Independent appraisers and insurers also treat Rapaport data as a recognized industry reference when assessing value or setting replacement guidelines. The broad adoption of the system supports transparency, yet users understand that local conditions can create meaningful deviations from the listed numbers.
Interpreting Price Lists Correctly
Each line on a Rapaport sheet corresponds to a specific clarity grade and color, with prices generally moving in logical patterns across size and quality. Higher clarity and color grades typically command premium values, but market dynamics can shift these relationships. For example, tight supply in certain sizes or shapes may raise prices for specific grades, while ample stock can have the opposite effect. Users should consider multiple recent transactions, tender outcomes, and regional variations rather than relying on a single cell in a report. Recognizing these nuances helps avoid misinterpretation and supports more accurate pricing decisions.
Limitations and Best Practices
Rapaport provides reference prices, but it does not capture every adjustment that may apply in a given transaction. Discounts for contract size, payment terms, or portfolio relationships, as well as premiums for exceptional cut or origin, may result in final prices that differ from the listed values. It is also important to check the version date, confirm the correct shape list, and apply any notes regarding fluorescence or treatment adjustments. By combining Rapaport data with market intelligence and local knowledge, professionals can use the system effectively while managing associated risks.