In a bold move by the American Gem Trade Association—one that we anticipated at last year’s Tucson Elevated Seminar Series featuring Martin Rapaport—the AGTA is taking the lead in helping its members promote and sell colored gemstones online on what is reportedly the world’s largest gem trading platform, RapNet. The timing of this initiative could not be more important, as demand for colored gemstones is at an unprecedented high.
During the opening seminar session at this year’s AGTA Gem Fair Tucson, we listened to John Ford, CEO of AGTA, and Saville Stern, Chief Operating Officer of RapNet, discuss the new partnership. “We’re looking to increase our members’ ability to have market access around the world,” said Ford. He went on to say, “Participating in this endeavor establishes that AGTA’s code of ethics, principles of fair business practice, and our disclosure requirements are the standard for RapNet, as RapNet is going to be the standard for the world. That means, no matter where you are in the world, if you’re going to trade on RapNet, you are going to follow our code of ethics and our disclosure requirements. And that makes AGTA the world standard.”
Rapaport Magazine
Jennifer Heebner, Editor in Chief of AGTA’s Prism magazine, writes in Rapaport that, “The impetus for the Network is the expansion of color in the marketplace. Prices of both lab-grown and natural Diamonds have been plummeting because of the wide availability of the former, and diamond dealers have started buying colored gemstones for resale. This new reality paved the way for AGTA’s CEO John W. Ford Sr. and Rapaport to team up to create another pathway to sell colored gemstones while adhering to the strict sourcing and disclosure guidelines established by AGTA in its Code of Ethics and Principles of Fair Business Practice.”
“When [our members] list on RapNet,” says Ford, “they get the AGTA logo next to their name. No other organization will get a logo next to their name, because with this logo means – world-wide – that AGTA is the trusted source. We are a brand, a brand based on ethics. Whether you’re buying something from our members at our Tucson show, our show in Las Vegas, or from our members on a daily basis, weekly basis throughout the years, or on RapNet, this means you can buy with confidence and sell with confidence.”
“A lot of people are moving into color,” notes Stern. “A lot of stone vendors are looking for additional markets in which to show their wares. The gem trade is evolving. People are going online.” And with RapNet, already trading thousands of diamonds, it is a platform that is ready for colored gems.
So Why AGTA?
“Why did we decide to host this network?” asked Stern. “Well, it’s a dedicated marketplace for gemstones, 24/7 global access, with ethical sourcing. And as John said, it’s all based on AGTA’s Code of Ethics, Values and Ethical Sourcing.” Stern reiterated Martin Rapaport’s values, that he is very vocal about ethics, driven whenever there are human rights violations, and keen on how and with whom we do business. AGTA’s ethical standards falls in line with how Rapaport wants to do business. “That’s why we have partnershipped with AGTA.”
Features
Stern pointed out the many features of RapNet, the ease of moving inventory online, image and video transfer from GemLightbox, and being able to connect with interested clients. Transactions are between the buyer and seller, where RapNet only requires a membership fee. Of course, RapNet does offer transaction assistance if needed for a nominal fee.
Joining RapNet – Membership
If you are already a member, you are all set to post color. “It’s part of the trading network,” says Stern. “We’re not separating it out. People get diamonds, gems and jewelry for their membership fee.”
If you are not a member of RapNet, then there is a rigorous application for which you need to successfully complete. AGTA membership allows for easier membership acceptance, as AGTA members already adhere to strict standards of conduct. Membership is not easy, says Stern. To join RapNet, one goes through “quite a comprehensive scanning mechanism to make sure that we are allowing the right people in, and that we keep the wrong people out.” Once you pass compliance, and are a member to the platform, you’re free to transact.
Welcome to the New Era – RapNet!
All of the INSPIRE Seminar Series recordings will be posted on the AGTA website in the coming weeks. Watch for them!
Tap here to read the AGTA/RapNet announcement in Rapaport Magazine!
