Rapaport To Offer GIA Services In India

Mumbai, July 24: | Updated: Jul 25 2002, 05:30am hrs
After four years’ of efforts, Rapaport, one of the most influential information providers in the global diamond industry, is now in India. Now the cut and polished diamond exporters, and the diamond jewellery exporters here, would be able to get a part of their diamonds certified by the California-based Gemological Institute of America (GIA).

In addition, Rapaport is also planning to build synergies between two most important markets — India’s diamond manufacturing skilled industry and the USA, the world’s biggest diamond jewellery consuming market.

One of its most important services is the latest benchmark diamond prices in its periodical reports which has caught the attention of the entire diamonds trade that is known for its secrecy on both quality and pricing.

GIA, the non-profit education, research and gemological laboratory services providers, is considered to be ‘Harward’ of the gem and jewellery industry. GIA’s diamnond grading report for diamonds of half carat and above is considered to be the most respected stamp of credibility and prestige in the global diamond industry.

Speaking to The Financial Express on Tuesday Rapaport group of companies’ chairman Martin Rapaport said: “We are very happy to be in India, more so at a time when the prospects for the diamonds and jewellery business are bright for India”.

Further, Mr Rapaport said: “We realise that we’ll have to earn our way here. Among others, it would be by offering our expertise in helping India to see the larger picture of the global diamonds and jewellery business and thereby improve its jewellery making industry”.

It is in this connection, Rapaport would offer the GIA programme on diamonds grading report with no risk on quality.

According to Mr Rapaport, the GIA certification would be at a cost of around 15 per cent for the diamonds to be certified by GIA (at our cost). While this may be seen as expensive and time consuming (around four weeks), it surely would increase the value of diamonds for both the buyers and the sellers. This in turn would open up a much broader range of expensive diamonds articles and trade”.

Lastly, speaking on their goal in India, Mr Rapaport said: “It would be to tap the opportunities where we could add value through market intelligence on both sides of the market — India and the USA”.