The first Rapaport Certified Diamond Auction ended in disappointment, with only 27 out of 210 lots sold. Rapaport`s announced goal was to generate a new type of price index that would enable the company to create a diamond futures market.

Diamond industry observers have expressed skepticism regarding the attempt, noting that others have preceded Rapaport in similar efforts that failed.

National Jeweler Network quotes Rapaport Chairman, Martin Rapaport, as saying: "I think, overall, it`s quite disappointing to sell 27 lots out of 210. In general, I would say we would have liked to see more parcels sold, greater piecing and people willing to pay more for the goods."

He continued: "To make these auctions successful- and we`re certainly going to do so – we`re going to further explain the advantages of these goods. We believe there will be more bidders coming in as people look at the goods and feel this is really great stuff."

Rapaport attributed the low results to the failure to disclose reserve prices and price expectations.

The 99 active bidders who participated came from 18 countries. The 10 successful bidders came from eight countries. All together, 1,999 bids were made.