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Sounds confusing? It is. In simple terms, pricing standards used in the diamond industry often give too much weight to color and clarity when determining diamond pricing. For a savvy buyer, this presents an opportunity to buy a diamond that’s aesthetically stunning but quite affordable due to its color and clarity grades – something we’ve explained in greater detail in our guides to diamond color and clarity. This is why it is so crucial to have someone helping you along the way specifically regarding how to value the different factors that go into pricing a diamond.

Unlike the Rap List, however, their diamond pricing tool, called the IDEX Diamond Price Report, is completely transparent about its methodology. The list is available here, but without knowing what “discount” should be applied in your specific case, it will be challenging to extract any usable information. In addition to the Diamond Price Report, IDEX publishes another consumer focused price list called the Diamond Retail Benchmark. Like the Rap list, the DRB offers a high-level standard price off of which should be applied a “discount” to arrive at the final consumer price. Their price list has gained the support of some major diamond dealers, but so far it has been met with much resistance in the broader market.

There are very few places that do this. Whenever they receive an I1 clarity grade for a diamond which they had intended to receive an SI2, they will simply throw out the certificate and pretend it didn’t exist. In the vast majority of situations, diamonds trade at a discount to the Rap Price. The real art of diamond pricing is figuring out the discount or premium to the Rap Price. Intelligent companies in the industry never sell GIA certified I1 diamonds because they know they can sell them for more without the certificate (and therefore without using the Rapaport diamond price list as the baseline).

What about diamonds priced without the Rapaport Price List? Since there is no list dictating baseline prices, understanding these prices is far more nuanced and therefore requires years of experience to truly understand a parcel’s value. Just about all other diamonds that are not certified, and therefore not sold as single diamonds, are sold according to a “parcel price.” This is a price per carat for the weight of diamonds purchased, irrespective of the number of diamonds selected. In fact, at Leo Schachter, there were no employees who were experts in all shapes and sizes.

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