NAJ News

Diamond marketplace Nivoda freezes diamond prices to March 6 Rap list 

27 Mar 2020

nivoda

Diamond marketplace Nivoda has decided to freeze diamond prices on its platform to the March 6 rap price list, after receiving many requests from its members to do so.

The prices will be frozen for a minimum of 3 months, while  give the industry time to decide how pricing will be handled going forward. 

The March 20 pricing update saw prices drop roughly 8%. With countries going into lockdown during the COVID-19 pandemic and suppliers having almost no sales, the sudden drop in prices sent a wave of unrest through the markets. This, on top of the industry already going into a crisis, led to hundreds of suppliers removing their stock from Rapnet in protest. 

David Sutton, CEO of Nivoda added: “In response to the overwhelming request from members to freeze market prices, we have updated the platform to calculate all discounts according to the March 6 price for the foreseeable future.

We believe, by freezing the price list, we will allow the discounts at which goods are sold to be the true indication of market prices.”