Martin Rapaport called results from the first Internet diamond auction “disappointing,” with only 27 of 210 lots sold. The auctions are meant to build an index for a proposed futures contract. (See “Back to the Futures,” JCK, October 2007, p. 94.)

The auction, which was limited to trade buyers, attracted 194 bidders from 18 countries. But Rapaport said, since buyers didn’t know the reserve prices, he thinks people got “sticker shock” from the prices of the high-quality goods. He will likely publish reserve prices in future auctions.

As for the index, he said, “The first thing to happen is launching a viable market.” He said futures contracts are still years away.