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SourcingFeb 05, 2019
RapNet Expands Into Jewelry
The diamond trading network will give members the opportunity to trade jewelry without any commission or transaction fees.
RapNet members can now sell jewelry on the trading platform.
Las Vegas–Diamond trading network RapNet will now offer jewelry trading, the company announced Monday.
Members can upload information, images, and 360-degree view videos of jewels for sale, and trade directly with other RapNet members without any transaction fees or commissions.
The user-friendly search engine allows shoppers to filter through items and save searches to revisit when they’re ready to buy.
The introduction of the new service is expected to boost RapNet’s membership and give the company an entrance into the jewelry trade.
“Possibilities are endless with regards to how many new RapNet members we will gain. Adding jewelry allows RapNet to reach a new market in the industry, and that is those that deal strictly in jewelry, and may not deal in diamonds,” said Sherri Hendricks, vice president of operations, in an email to National Jeweler.
Founded back in 1992, the peer-to-peer trading network, which is part of the Rapaport Group of Companies, today boasts around 14,600 members in 97 countries.
The network currently lists more than 1.5 million diamonds valued at more than $7.4 billion.
“We are continuing to deliver on our promise to add value to our membership,” said Rapnet CEO Saville Stern. “We are excited that jewelry trading will take its place on RapNet, and we look forward to providing more opportunities for our members to increase their profits.”
The platform underwent a makeover last year as part of what Rapaport called a $5 million development project, streamlining and safeguarding communications within the RapNet network.
RapNet is offering a free 30-minute live webinar on Feb.13 for U.S. members in need of a helping hand getting started using the service.
Editor’s note: This story was updated post-publication to adjust the number of RapNet members from 12,000 to 14,600.
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