Trade Diamonds with Confidence on an Electronic Spot Market

Buyers
Sellers
Investors
FAQs
1

Bid and Buy

Bidding and purchasing diamonds on the exchange is only available for corporations and approved members. Buyers can bid on diamonds in real time or purchase instantly at the asking price. Buyers can purchase standardized investment grade categories through the Bid Ask Screen or source specific diamonds through the diamond listings

2

Quality Control

Rapaport receives the diamond and ensures it matches the grading report. Rapaport Certified Diamonds go through additional quality control to ensure they meet Rapaport’s high quality standards and requirements.

3

Delivery and Warehousing

Buyers will have an option to warehouse the diamonds they purchased or take physical delivery of the diamonds. There are ultra low commissions for diamonds purchased for warehousing and for future sale on the exchange.

4

Invoice and Payment

As soon as a transaction occurs an invoice is issued to the buyer from RapX. Payment to RapX from the buyer is due within the agreed terms.

1

Upload and Sell

Depending on permissions, sellers can upload their diamonds to RapX via RapNet or by submitting them to a designated Rapaport Office.

2

Delivery

Sellers are required to deliver the diamond to the designated RapX office within 3 business days.

3

Payment

RapX collect the funds from the buyer and sellers are paid by RapX within the pre agreed time.

1

Trade

Trading diamonds on the exchange is only available for corporations and approved members. Investors can bid on diamonds in real time or purchase instantly at the asking price. They can purchase standardized investment grade categories through the Bid Ask Screen or source specific diamonds through the diamond listings

2

Quality Control

Rapaport receives the diamond and ensures it matches the grading report. Rapaport Certified Investment Diamonds go through additional quality control to ensure they meet Rapaport’s high quality standards and requirements.

3

Delivery and Warehousing

Investors can warehouse the diamonds they purchase for warehousing and for future sale on the exchange. There are ultra low commissions for diamonds purchased in this manner in order to encourage trading of diamonds on the site

Buying Diamonds
Selling Diamonds
Tools
Transactions
Warehousing

Buying Diamonds

How do I buy diamonds on RapX?

Establish a buying limit, and you can buy or place bids on diamonds.

What is the buying limit?

The buying limit is the amount of money you can use to make bids on RapX.

How do I increase my buying limit?

Go to My RapX then to Bid Limit, and “Increase your Bid Limit”.

How do I search for a specific diamond based on gemological characteristics?

If you are looking for a specific diamond, the place to do it is in the Single Stone Section. Go to the Single Stones Section and fill in the relevant characteristics on the filter panel then click on “Apply Filter”

How do I view in depth BID/ASK data for a defined category?

Go to the Bid/Ask screen, select a color and clarity and all information will be displayed

How do I search for “Bundles” of diamonds by predefined diamond categories?

RapX has created a platform whereby diamonds are classified and bundled according to size range and if they are Rapaport Certified, and are then divided into groups by color and clarity. In order to buy one or more diamonds from these groups, go to the Bid/Ask screen , select color and clarity, and then either click on “Buy” or on “Place an Order” to place a bid.

How do I view my Bids on a specific diamond?

Go to Single Stone section and to “My Bids”

How do I view my bids on a category of diamonds?

Go to the Bid/Ask screen and to “My Bids”

How much commission do buyers have to pay?

Commissions for Buyers on RapX are as follows:

  • Electronic Trading Commission:
    • Trader Membership: 0.50% (min $15 per diamond)
    • Market Maker Membership: 0.25% (min $10 per diamond)
  • Physical Trading Commission: 2% (Min $25 per diamond)

Selling Diamonds

How do I sell diamonds on RapX

Upload your diamonds that meet RapX specifications from RapNet onto the RapX system. Users will have the option to buy or to place bids on your diamonds. You can accept the highest bid at any time.

Which diamonds meet RapX specifications?

  • Diamonds certified by a reputable gemological laboratory
  • RDC diamonds

How do I upload a diamond to RapX?

There are three methods to upload diamonds onto RapX, all of which are based on your RapNet account:

  • Enable the “Default” setting in the My Account section of RapX. This will automatically upload all your relevant diamonds that meet RapX specifications from RapNet to RapX.
  • Go to My Listings in RapNet and choose which diamonds you wish to upload to RapX
  • Modify your RapNet Excel Upload File by adding three columns
    • Show on RapX – Insert “Yes” in the appropriate cell
    • RapX delivery – Insert “Location” in appropriate cell
    • RapX Price – Not a mandatory field

How do I remove a diamond from RapX?

  • Once you remove a diamond from RapNet they are automatically removed from RapX
  • To remove diamonds from RapX only, reverse the steps in the previous question
  • On the Single Stones Screen, click the “Remove Stone” button

How do I change an Asking Price?

Go to the Single Stone Screen, select your diamond, then insert the new asking price into the relevant section, and save.

How do I accept a Bid ?

When you are in agreement with a bid for a specific stone, go to the Single Stone page and click on Accept Highest Bid. This will commit you to the agreed price and location for the diamond.

How much commission do sellers have to pay?

Commissions for sellers on RapX are 0.25% on the value of the total price of the diamond, with a minimum of US $15.

Tools

What is a diamond on hold??

A diamond is on hold, when the diamond remains in the system, keeping its previously placed bids and allowing users to place new bids.
This diamond cannot be transacted upon when it is on hold.
This status will last for 5 working hours. At the end of those 5 hours, if the seller hasn’t reverted the status manually, the diamond will be removed from RapX. The seller can revert the status at anytime during those 5 hours. That way the diamond will go back to the system as active.

How do I place a diamond on hold?

Go to the Single Stones screen and click on My Diamonds. Select the diamond you wish to put on hold and click the “Hold” icon.

How do I remove a diamond from hold?

Go to the Single Stones screen and click on My Diamonds. Select the diamond on hold and click the “Un-Hold” icon.

Can I save a search?

Go to the Single Stones screen and fill in the relevant characteristics on the filter panel. Click on “Save Search As” with the title you have chosen.

Can I load a saved search?

Go to the Single Stones screen and to the My Diamonds section. Click on the “Load Saved Searches”

Can I track a diamond?

Go to the Single Stones screen and select one or more diamonds. Click on the ‘Track” button that appears on the floating Action Bar that appears once you click on one or more diamonds.

Can I stop tracking a diamond?

Go to the Single Stones screen where you tracked your diamonds. Click on one or more diamonds and click on the “Un-Track” button that appears on the floating Action Bar that appears once you click on one or more diamonds.

Can I send all the information related to a diamond by email?

Go to the Single Stones screen and select one or more diamonds. Click on the ‘Email” button that appears on the floating Action Bar that appears once you click on one or more diamonds.

Can I print the information related to a diamond?

Go to the Single Stones screen and select one or more diamonds. Click on the ‘Print” button that appears on the floating Action Bar that appears once you click on one or more diamonds.

Can I make a personal note on a diamond?

Go to the Singles Stones section and select a diamond of interest. Click on the row of diamonds and the details expand. In this expanded section there is a text box where you can insert your note and save. Please note that this text will only be visible to you.

Transactions

How do I receive the money from the sales of my diamonds on RapX?

RapX will transfer the money by wire transfer to the bank account you had listed and which had been approved upon your registration to RapX.

How do I pay for my purchases?

The purchase amount must be wired to RapX from your bank account which was listed and approved upon registration to RapX.

How do I view my transactions in progress?

Go to My Transactions and your transactions in progress are listed there.

Can a transaction be cancelled?

Transactions can be cancelled only in special circumstances and only by the RapX in-house team. Please note that penalties might apply to cancelled transactions.

When is a transaction cleared?

A transaction is cleared when payment has been verified and the diamond has been physically verified by RapX who proceeds to deliver the diamond to the buyer and makes payment to the seller. Once all the above steps have been successfully executed, the transaction is considered as “cleared”

How do I view my completed transactions?

Go to My Transactions and scroll down to Transactions Completed

Warehousing

What services are included in warehousing?

Insured and secure storage facilities.

How much does it cost?

  • After 30 days there is a storage and insurance fee of 0.50% per annum
  • If the diamond did not enter the warehouse through a RapX transaction then there is a delivery fee of: 0.25% ($50 per diamond)

Is there a time limit?

There is no time limit on storage of diamonds.

Where are the warehouses located?

Rapx has warehousing facilities in New York City, Mumbai and Surat India, Hong Kong and Ramat Gan Israel