Rapaport forced to suspend price list after revolt from diamond companies.
72% members favored suspension through a vote

When diamond industry members are sitting on stocks of goods that they obviously cannot sell, the recent decision by Martin Rapaport of the Rapaport Group to reduce the prices of goods on his pricelist was extraordinarily insensitive and ill-timed. The diamond trade has been trying for some years to reach an accommodation with Rapaport over when and by how much he reduces the prices of goods. Despite agreeing to consult with the trade in the past before making announcements, this has all come to nought.
There has been a furor and some kind of a revolt following Rap’s decision to reduce prices by 5-9%, with the average being an estimated 7%. He offered a public vote on his decision and an offer to suspend publication of the list until May, and that was overwhelmingly requested by people who took part in the vote – with the vote being 78-22 in favour of suspension.