The online Rapaport Certified Diamond Auction was launched in late 2007. It was the first of its kind; founded in an attempt to establish future prices of wholesale diamonds as fair, yet competitive, and most importantly, accessible to consumers worldwide. Not only will the site allow consumers to get a sense of diamond prices on their own, but it will also allow international diamond prices to be ascertained in one place.  

Although the website’s online catalog will be available without any restriction to the vast public, bidding is restricted to members of the diamond industry and the financial trade industry. Consumers who are interested in making a private purchase are asked to bid through their local jewelers. 

The 210 diamonds up for auction come with a GIA certificate and are approved by the Rapaport group.  To be approved by the Rapaport group, stones must be of very good to excellent quality in all categories.  Currently, the website offers only round-cut, one to two carat diamonds, with an IF-VS clarity, EX-VG cut and a D-K color grade.

Auctions are held monthly and will help genrate the Rapaport Diamond Index. The Rapaport Daimond Index will be based on the auction’s monetary transactions. Experts are hoping that the Rapaport Certified Diamond Auction along with the Rapaport Daimond Index will ensure consistent transactional values and enable the creation of diamond futures price markets as well as derivatives.

The entire project has been part of an effort to make the diamond industry more transparent to consumers. 

"The Rapaport monthly auctions will provide consistent, standardized, transaction prices that enable the development of diamond derivative and futures markets. The integration of the diamond and financial markets will provide synergistic opportunities for everyone," said Martin Rapaport, chairman of the Rapaport group.