Martin Rapaport Viewpoint

Credit Alert
http://www.diamonds.net/news/NewsItem.aspx?ArticleID=26503

We must face the fact that credit/memo programs have hurt the U.S. market. In our eagerness to throw diamonds at every potential customer, whether they had money or not, we prostituted our product. We used every trick and gimmick to keep diamond prices artificially high, and in that process, fooled ourselves into thinking we could sell diamonds without getting paid. Where once we sold diamonds for hard cash, we now can’t get paid — even if we give diamonds away on memo programs. The U.S. market has gone from a cash cow to a credit hog.
- Martin Rapaport

Useful link:
www.diamonds.net

Martin, old habits die hard. Easy credit has given way to lower ethical standards. Thanks for the insightful article.