What is a Diamond Rap Sheet?

Aside from getting a certificate, or diamond grading report, you also want to acquire the diamonds rap sheet. Diamonds have rap sheets? You bet they do, but a rap sheet is not issued for one particular diamond.

A rap sheet or Rapaport Diamond Report is a report that is issued that reports on standard diamond prices. It lists the prices of diamonds, in wholesale, for the New York market. In the trade, diamond dealers use the rap sheet a great deal, and you should as well. This will give you some idea as to how much the diamond dealer paid for the diamond that you are looking at.

The rap sheet changes, of course. Diamond prices are affected not only by the cut, clarity, carat, and color, but also by supply and demand, as is everything else in the world. The rap sheet is issued bi-monthly, and it is recognized as a standard around the world.

Diamond dealers buy diamonds for percentages of or percentages back of the price list. For example, if a 1 carat H VS1 diamond is selling for $8500 pc, the retail price of that diamond would be around $16,500. Since it is hard to sell a diamond for that price, the dealer sells the diamond at a percentage of that amount.

He probably shows the rap sheet to the customer as well, to show them what a good deal they are getting. The rap sheet lists the wholesale and retail value of diamonds, based on their ratings.

If you are looking at a rap sheet, look at the date in the upper right corner to ensure that you are looking at the latest copy. Next, find the correct list on the page – the one that matches your diamond shape. Next, look for the color, size, and clarity (see, the rap sheet uses the four C’s as well).

Unless the diamond is considered an ideal cut, you should be able to purchase it at a discount of about 20% of the retail value. However, if you didn’t know to ask to see the rap sheet, you wouldn’t be getting any discount at all.

When you do, however, ask to see the rap sheet, and you know how to read it, the jeweler will know that he is dealing with an informed consumer – and he will be more likely to make a nice deal – especially since you now know pretty much exactly how much he paid for the diamond himself!

After all, in the end, any item that is being sold, including diamonds is really only worth what someone else is willing to pay for it.