What are Rapaport Melee auctions?
Rapaport Auctions offer a cash market for diamonds. Melee auctions are sold in parcels,
without reserve prices. All goods are uncertified and buyers should inspect lots
before bidding. The format is similar to silent auctions and tenders with viewing
over a specific time, bids are submitted sealed prior to close of auction and are
not disclosed publically. Once the auction closes, suppliers have one business day
to approve or reject the highest bids. Buyers are then invoiced for all lots accepted.
Who can participate?
Melee auctions are open only to qualified members of the diamond and jewelry trade.
All participants in Rapaport Auctions must be registered Rapaport Trading Members.
They must fill out the online registration and submit business license information
with their application and agree to the Terms and Conditions. After registration,
there is a process of business and identity confirmation. After their account has
been authenticated, they can apply for a bid limit. Compliance: All participants
in Rapaport Auctions must comply with U.S. Patriot Act and OFAC regulations. The
Rapaport Group does not deal in diamonds from Marange, Zimbabwe or diamonds directly
involved in human rights violations.
How can I participate in a Rapaport auction?
The first step us to register at www.Rapaport.com/auctions.
An account manager from Rapaport Auction Services will then contact you and coordinate
your participation in the auctions of your choice. Buyers need to complete the Bidder
Application Form and arrange a bid deposit of 10% of the total amount they would
like to bid. Upon receipt and confirmation of their bid deposit – they will receive
authorization to participate in the auctions. Additional information is available
including a Buyers Fact Sheet at www.Rapaport.com/auctions.
All registered clients receive a unique user login and password enabling access
to the Rapaport Auction website.
Is a bid deposit required?
Bid deposits are required and need to be arranged directly with a Trading Dept representative
in the office where the auction is taking place. E-mails may be sent to: auctions@rapaport.com
How can a bid deposit be paid?
Bid deposits or bid limit privileges for these auctions are required and need to
be arranged directly with a Trading Dept representative in the office where the
auction is taking place. E-mails may be sent to: auctions@rapaport.com
When is the catalog available?
The catalog is created during the lead-up to the auction and updated online at www.rapaportauctions.com.
The final catalog is available once the auction opens.
Can the diamonds be viewed?
Buyers may view the lots by appointment only. Contact your Rapaport trading representative
or the office where the goods are located in order to schedule an appointment.
How do I bid?
Hand-delivered and e-mail bid forms can be submitted until auction closing time.
Bid forms can be downloaded from www.rapaport.com/auctions
and e-mailed to: bids@rapaport.com
Is there a limit to how many diamonds can be bid on by a single bidder?
Buyers may bid on as many lots as they want as long as the total of their bids
is
within their previously approved bid limit.
How are the bid deposits returned?
For cash, check or wire transfer deposits - monies will be returned within three
working days after the auction closes. Credit card deposits are not accepted for
melee auctions.
How does a bid winner pay for the diamond?
The successful bidder will be notified and invoiced the day after the close of auction.
Full payment must be made within three business days. All sales are final and returns
after delivery are not accepted under any circumstances. Payments must be made to
the Rapaport office where the auction was held.
How does a winning bidder receive the lot/lots?
After final payments have been received, arrangements can be made to:
- Arrange for pick up from whichever office the lots are being held.
- Arrange for pick up by a registered shipping company – at buyers’ cost.
- Request that Rapaport arrange the shipment - at buyers’ cost.
- All local sales or import taxes are on the account of the buyer.
What is the commission and who pays it?
These auctions are limited to members of the diamond and jewelry trade only. There
is no buyer’s fee.
What is the guarantee that the diamond matches the certificate?
Rapaport makes no warranties, and buyers are required to inspect the diamonds. Failure
to inspect does not invalidate the sale.
What about taxes?
The buyer is responsible for any import, export or sales taxes.
How can I participate in a Rapaport auction?
The first step is to register at www.Rapaport.com/auctions.
An account manager from Rapaport Auction Services will then contact you and coordinate
your participation in the auctions of your choice. Suppliers will be asked to complete
the Auction Supplier Form and will then be authorized to submit diamonds for sale
subject to approval by Auction Support. Additional information is available including
a Supplier Fact Sheet at www.Rapaport.com/auctions.
All registered clients receive a unique user login and password enabling access
to the Rapaport Auction website.
How does a supplier submit diamonds to the auction?
- Download a supply form from the website and send to:
supply@rapaport.com
- Rapaport will inspect the goods and review the reserve prices before accepting them
for the auction.
How is delivery and shipping of diamonds to the Rapaport offices handled?
Merchandise approved for submission must be delivered to the designated Rapaport
office no later than four business days prior to the auction. If the stones are
not sold –they can be picked up following the auction. All shipping costs to and
from Rapaport and the supplier will be paid by the supplier. Rapaport fully insures
all diamonds while they are on our premises.
When does the supplier get paid?
The supplier will be paid approximately seven days after auction close for all lots
sold. Rapaport guarantees that the supplier will receive payment for the diamond
less commission or the diamond will be returned to the supplier.
Listing of diamonds elsewhere?
Once stones are accepted for the auction - they are exclusive to the auction and
must be removed from RapNet and all other public listings.
What fee does Rapaport charge?
There is a 5-10% charge on all diamonds sold. More details can be received from
the trading department.