Rapaport Press Release: Consumer Alert: Synthetic Diamond Prices Crashing

LAS VEGAS ~ Consumers in Las Vegas have been warned to be wary of synthetic diamond prices, as some retailers are pricing them high by comparing them to natural diamonds. According to Martin Rapaport, Chairman of the Rapaport Group, this is a dangerous practice as synthetic diamonds are trading at 98% below the Rapaport Price List for natural diamonds.

The difference in prices between retailers can be staggering; Walmart sells a 3 ct., Round, F-G, VS1-VS2, synthetic diamond solitaire ring for $2,975 while Signet's Blue Nile sells a similar 3.00 ct., Round, G, VS1 synthetic diamond solitaire ring for $8,190 - a 275% difference for the same ring.

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Rapaport believes that some jewelers are pushing synthetic diamonds because they can make huge profit margins from them. However, he warns that this won't last as synthetic diamond prices are crashing to hundreds and even tens of dollars per carat due to their unlimited supply.

He also cautions consumers against spending thousands of dollars on synthetic diamonds as they do not retain value like natural diamonds do and may end up overpaying.

"Consumers must be careful when buying synthetic diamonds," said Rapaport. "There is a high likelihood they may overpay as synthetic prices are crashing. Some jewelers are promoting the sale of synthetic diamonds as a replacement for natural diamonds because it allows them to make windfall profits."

For more information about synthetics and their pricing visit Rapaport.com/synthetics.
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