The Rapaport price, often shortened to “Rap,” is the figure for a diamond’s grade and size on the Rapaport Price List, a weekly benchmark of asking prices for natural white diamonds used across the wholesale diamond trade. Dealers rarely trade at the list price itself. They quote deals as a percentage below it, or occasionally above it, so “Rap” works as a shared reference point rather than a price tag.
For someone selling a diamond, the list explains two things: how a professional buyer anchors an offer, and why that offer sits below what a retail store charges for a similar stone. This article walks through how the list is laid out, how to read one cell, how discounts work, and what the list does not cover.
Where the list comes from
The list was first issued in 1978 by Martin Rapaport, founder of the Rapaport Group, and has become the most widely used price reference in the diamond trade. It is published for subscribers and trade members rather than the public. According to Rapaport’s own help pages, the Round and Pear price lists are updated weekly, every Thursday at midnight New York time.
Most consumers never see the list itself, which is part of why it can feel mysterious. That is not a reason to distrust it. It is simply a trade tool, in the way a wholesale price guide is in many other businesses, and a buyer who uses it should have no trouble showing you the relevant figure and explaining how the offer relates to it.
Three points about what it represents matter more than anything else:
- It is a list of asking prices, not completed sales. Rapaport describes it as a benchmark of sellers’ asking prices for cash deals.
- It assumes a well-cut stone. The prices are for fine-cut diamonds; poorly cut, deep or shallow stones are worth considerably less.
- It assumes no strong or medium fluorescence. Stones with stronger fluorescence are often discounted, particularly in high colors.
How the grids are laid out
The list is a set of tables, one for each carat-weight range. Within each table:
- Color runs down the side, from D (colorless) to M.
- Clarity runs across the top, from IF (internally flawless) to I3.
- Each cell holds a number, which is the price in hundreds of U.S. dollars per carat.
There are separate lists for round brilliants and for pear shapes, and the pear list also serves as the benchmark for other fancy shapes such as oval, cushion, princess and emerald cuts. The lists cover sizes from 0.01 to 10.99 carats. Very small stones, below about a third of a carat, are mostly traded in parcels, so their figures reflect parcel prices.
Reading one cell, with hypothetical numbers
The numbers below are invented for illustration only; real figures change and are available to subscribers. Suppose that in the one-carat table, the cell for G color and VS2 clarity read 70.
- 70 means $7,000 per carat, because the figures are in hundreds of dollars.
- A 1.20-carat round G VS2 would have a list price of 1.20 × $7,000 = $8,400.
- If that stone traded at 30 percent below list, which dealers would describe as “minus 30” or “30 back,” the trading price would be $8,400 × 0.70 = $5,880.
So when a dealer says a stone is “trading at 30 below Rap,” the arithmetic is simple. What takes skill is deciding the right discount for a particular stone.
Why weight brackets matter so much
Because each table covers a weight range and the per-carat figure changes between tables, a small difference in weight can mean a large difference in price. Again with invented numbers for illustration:
| Stone | Weight bracket | Hypothetical list figure | Per carat | List price |
|---|---|---|---|---|
| 0.95 ct round, G VS2 | 0.90 to 0.99 ct | 50 | $5,000 | $4,750 |
| 1.00 ct round, G VS2 | 1.00 to 1.49 ct | 70 | $7,000 | $7,000 |
Five hundredths of a carat, invisible to the eye, separate two very different list prices. This is why cutters work to keep stones just over thresholds such as 0.50, 1.00, 1.50 and 2.00 carats, why the trade calls these “magic sizes,” and why an exact weight matters when you sell. It is also why a recut that takes a stone below a threshold can cost more than it gains.
What moves a stone’s discount from Rap
Two diamonds with identical weight, color and clarity can trade at very different percentages of the list. The main reasons:
- Cut quality. An excellent cut with good proportions trades closer to list; a deep, shallow or poorly finished stone trades further below.
- Fluorescence. Medium or strong fluorescence usually widens the discount in high colors, while in lower colors such as J to M it can matter less.
- The grading laboratory. A report from a laboratory the trade trusts supports a smaller discount. Grades from less trusted sources, or no report at all, widen it to cover the risk of regrading. Whether you need a report at all is covered in our article on GIA certificates and uncertified diamonds.
- Visible inclusions. The position and color of inclusions matter. A black crystal under the table hurts more than a white pinpoint near the edge, even within the same clarity grade.
- Shape and outline. For fancy shapes priced off the pear list, the outline and length-to-width ratio affect how easily the stone sells.
- Damage. Chips, abrasions and worn facets on older stones increase the discount, and may require repolishing that reduces weight.
- Demand. Some sizes and grades move faster in the market than others at any given time.
What the list does not cover
The Rapaport list is a tool for natural white diamonds. Several categories sit outside it:
- Fancy color diamonds. Rapaport’s help pages state that there is no Rapaport price list for fancy colored diamonds. Pinks, blues, intense yellows and other colors are priced on their own color grades and the specialist market, as explained in our article on fancy color diamond grades.
- Laboratory-grown diamonds. Rapaport has declined to publish a price list for laboratory-grown diamonds; its members voted against it in 2019, and the group has since reaffirmed a policy of supporting natural diamonds only. Lab-grown stones trade in a separate and much lower priced market.
- Old-cut diamonds. Old mine and old European cuts do not fit the well-cut modern assumption, and are priced by buyers who know the antique market.
- Stones above the list’s size range, which are priced individually.
Why the price at the counter sits below retail
The Rapaport list is a wholesale reference. Retail stores price above it, because they buy from the wholesale market and then add their own costs: rent, staff, inventory carried for months, marketing, financing and profit. Buyers of New York’s diamond page says retail stores commonly mark diamonds up 50 percent to 100 percent or more above wholesale.
When you sell a diamond, you are selling into the wholesale market, not the retail one. A buyer prices your stone against what it will fetch in the trade, which means a percentage of Rap that reflects the stone’s quality and saleability, less the buyer’s own costs and risk. The result is below what you paid at a store and below any insurance appraisal written at retail. That is true at every buyer, not just one.
The list moves, and so do discounts
Because the list is revised weekly, a figure you saw months ago may not be current. Rapaport raises or lowers individual cells when asking prices in the market shift, and different sizes and grades can move in different directions in the same week. Discounts move too. When demand is soft, dealers accept deeper discounts from list to get stones sold, and when demand is strong, discounts narrow. Two quotes on the same stone taken far apart in time can both be fair and still differ.
Payment terms matter as well. The list is a benchmark for cash deals. In the trade, stones are also passed between dealers on memo, meaning on consignment with payment only if the stone sells, and memo prices are typically higher than cash prices because the seller waits and carries the risk. A buyer paying you on the spot is making a cash deal, and that is the column of the market your offer comes from.
Putting it together: from list to offer
Return to the hypothetical 1.20-carat round, G VS2, with a list price of $8,400. Suppose it has a GIA report, an excellent cut and no fluorescence, and similar stones are trading around 30 below list, or $5,880. A buyer paying cash today has to resell that stone, which costs time, money and risk. If the buyer offered $5,300, that would be about 63 percent of list, or “37 back.” A second buyer offering $5,000 would be at about 60 percent of list.
Expressed this way, the two offers can be compared directly, and you can ask each buyer to explain the discount they applied. The numbers here are illustrations, not market prices, but the method is the one the trade uses.
How sellers can use the list
You do not need a subscription to benefit from the list. Ask the buyer the right questions:
- Which grades are you using? Color, clarity and cut, from the report or from their own grading.
- What is the list figure for those grades and this weight? A buyer who uses the list can show it to you.
- What percentage of that figure is your offer? This turns the offer into something you can compare with another buyer’s.
- What is driving the discount? Cut, fluorescence, inclusions, the report, or damage. A clear answer tells you the buyer actually looked.
Buyers of New York’s pages describe exactly this approach: its gemologists grade the stone in front of you, cross-reference current Rapaport pricing and recent dealer trades, calculate the offer as a percentage of Rapaport based on the stone’s grades, and show you the Rapaport figure being used before making an offer. It also says it values the setting’s metal separately.
A note on the setting and side stones
The Rapaport list prices the center diamond only. If your diamond is in a ring, the setting is valued separately, usually for its gold or platinum content unless it is a signed or antique design. Small side stones are priced at parcel rates, which per carat are far below the figure for a large center stone. Expect a buyer to break a ring into those components when explaining an offer.
What to bring
Bring the diamond, loose or set, any grading report, and older appraisals or receipts, along with a government photo ID. Buyers of New York is at 30 W. 47th Street, Suite 8006, in the Diamond District, open Monday through Friday from 10am to 6pm, with walk-ins welcome. For a large or unusual stone, call (212) 642-4345 first so a senior gemologist is there. You will see the grades, the benchmark and the percentage before you decide. Read more about grading and pricing on the business’s diamond buying page, or book a diamond evaluation and ask to see where your stone sits on the list.
More questions sellers ask
Can I see the Rapaport price list myself?
The list is published for subscribers and trade members, not the general public. A buyer who prices against it can show you the figure for your stone grades and weight.
Does a diamond ever sell above Rap?
Occasionally. Exceptionally well cut stones or grades in strong demand can trade at or above list, but most stones trade at a discount to it.
Is the Rapaport price what my diamond is worth?
No. It is a benchmark of asking prices for well cut stones, not a valuation of a specific diamond. Cut, fluorescence, the report and condition all move a stone price away from the list.
Does Rapaport cover old European cut diamonds?
Old cuts do not fit the list assumption of a modern well cut stone, so they are priced by buyers familiar with the antique market rather than read straight off the list.