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Buyer FAQs



What are Rapaport Auctions?


Rapaport Auctions offer a cash market for diamonds. Melee auctions feature diamonds sold in parcels, without reserve prices. All goods are uncertified and buyers should inspect lots before bidding. Single Stone auctions comprise of certified and uncertified diamonds. Each diamond is sold individually and may be offered without a reserve. Rapaport does not guarantee the quality of the diamonds and buyers should view the lots before submitting bids.
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 publicly. 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 in a Rapaport Auction?


Rapaport 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, 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. 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 do I participate as a buyer?


The first step is to register here. An account manager from Rapaport Auction Services will then contact you and coordinate your participation in the auctions of your choice. Buyers must 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. All registered clients receive a unique user login and password enabling access to the Rapaport Auction website.

Where do the auctions take place?


Auctions are held in Rapaport offices based in New York, Israel, Hong Kong, and Belgium.

When are the catalogs available to view?


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.

How do I bid?


E-mail bid forms may be submitted until auction closing time. Bid forms can be downloaded from www.rapaportauctions.com and e-mailed to: bids@rapaport.com

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.

Is there a limit to how many diamonds can be viewed or bid on?


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.

Is a bid deposit required?


Bid deposits are required and must be arranged directly with a Trading 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 must be arranged directly with a Trading representative in the office where the auction is taking place. E-mails may be sent to: auctions@rapaport.com

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.

How do winning bidders pay for the diamonds won?


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 do winning bidders receive their lot(s)?


After final payments have been received, arrangements can be made to:
  1. Arrange for pick up from whichever office the lots are being held.
  2. Arrange for pick up by a registered shipping company – at buyers’ cost.
  3. Request that Rapaport arrange the shipment - at buyers’ cost.
  4. All local sales or import taxes are on the account of the buyer.

Are there any buyer fees?


There are NO buyer fees. Rapaport Auctions are limited to members of the diamond and jewelry trade only.

Are buyers responsible for paying any taxes on their winning lot(s)?


The buyer is responsible for any import, export or sales taxes.
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Upcoming Auctions

August
Wednesday
27
Single Stone Auction
New York & Israel
 
August 27-28 – NY
August 31 - September 8 – Israel
 
Catalog Live:8/27/14
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September
Monday
8
Melee Auction
New York & Hong Kong
 
September 8-12 - NY 
September 14-18 - Hong Kong
 
Catalog Live:9/08/14
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September
Tuesday
23
Single Stone Auction
New York & Israel
 
September 23 - NY
September 28 - October 1 - Israel 
 
Catalog Live:9/23/14
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