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Rapaport to auction over 120,000ct of diamonds

Diamond group Rapaport opened its melee auction this week with more than 120,000 carats of diamonds. 

Viewing is taking place at AsiaWorld-Expo in Hong Kong from February 28 to March 1, offering 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, pawn shops and refineries from around the world.

Organisers say that the wide variety of merchandise offered has generated positive interest from buyers.

Director of global trading of the Rapaport Group Ezi Rapaport said: “We are excited to be auctioning over 120,000 carats of melee diamonds in Hong Kong at one of the largest jewellery shows of the year.

“The diamond markets have stabilised over the past few months and developed a positive momentum. Prices for larger size diamonds are recovering after an extended period of decline.

“While demonetisation 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 US and Chinese demand. However, increased rough supply and tight profitability in the manufacturing and wholesale segments are of concern.” 

Viewing is by appointment only and limited spaces are available.

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