What should a one carat diamond cost buying direct from a dealer in South Africa?

As an estimate, roughly R82,000 including VAT for a one carat round brilliant at G colour, VS1 clarity and an Excellent cut, bought as a loose stone. That is the Rapaport list price for that specification, $5,400 per carat on the round list of 20 March 2026, less 20 percent, converted at the live rate of R16.50 to the dollar on 4 August 2026, with 15 percent VAT added. The exchange rate matters more than people expect: the same calculation at R18 would give R89,500, so check the rate on the day rather than reusing this one. Twenty percent off list is an assumption rather than a measurement, because nobody publishes what South African dealers charge the public. Vary it across the range the trade actually works in, 10 to 30 percent off, and the whole answer is roughly R72,000 to R92,000 including VAT, with R82,000 in the middle. For scale at the other end, the cheapest finished one carat ring I found at a South African premium showroom in July 2026 started at R105,000, though that is a ring with a setting inside the price rather than a loose stone. Redo the arithmetic with a current list and a current exchange rate rather than trusting the number, including this one.

How do I turn a Rap minus percentage into a rand price myself?

Four steps, in this order. Take the Rapaport list price per carat for the exact shape, size bracket, colour and clarity, because at one carat there is not one list price but dozens. Subtract the discount, so a Rap minus 20 quote means you multiply by 0.8. Multiply by the carat weight to get a US dollar total for the stone. Then convert at the current rand-dollar rate and add 15 percent VAT. The result is the loose stone only, so the setting, the making and any certification fee still sit on top. Doing this yourself is the fastest way to find out whether a quoted discount is generous or just well presented.

Is Rapaport list publicly available without subscription?

No. Various unofficial websites publish stale or scraped Rapaport list snapshots, but using these in trade negotiations is unreliable (the list updates weekly) and ethically grey (Rapaport is a paid service). The legitimate path is the $250-$350/yr subscription.

Why is "RAP minus" used instead of just listing the stone price?

Diamond wholesale pricing is dynamic. List moves weekly with the market. Quoting "RAP minus 30%" instead of "$3,780" lets the price travel with market conditions; if next week's RAP for this spec drops $200, the quote auto-adjusts. This convention also normalises across suppliers who all reference the same list.

Are there alternatives to Rapaport for pricing benchmarks?

IDEX Online publishes its own price list ("IDEX Price Report") with similar weekly cadence. Some traders use IDEX-minus conventions instead of RAP-minus, but Rapaport remains the dominant reference (the large majority of trade quotes use the RAP convention).

How do I detect a supplier inflating list prices to make their discount look bigger?

Subscribe to Rapaport for one billing cycle, verify their cited list against your independent lookup, and call out any discrepancy. Suppliers who routinely cite list 5 to 10 percent higher than current Friday list are running a known scam pattern. Once verified once, you don't need ongoing Rapaport access to detect this. Most suppliers are honest.

Why is a South African retail price so much higher than the RAP-minus dollar number?

A RAP-minus quote is a wholesale dollar number with no VAT, no import duty, no Rand conversion and no margin. By the time a stone lands in a South African showroom you have added the exchange rate, 15 percent VAT and the retailer's markup. The markup is the part that dwarfs the rest. Retail convention is keystone, meaning the counter price is roughly double what the stone cost the counter, and a branded showroom runs to about three times, while margins between one trade level and the next are thin at commonly 3 to 5 percent. When I priced 73 one carat listings across 18 sellers in July 2026, 17 of them South African and 71 of the rows carrying a price, the premium-showroom subset of that sample, three listings at three different specifications, ran R105,000 to R428,000 for a finished ring. Work the same weight up from the list instead, at G colour and VS1 clarity, and a loose stone comes out near R82,000 including VAT at 20 percent off list. Those two are not a like-for-like pair, because the first is a finished ring including its setting and the second is a bare stone, but the order of magnitude tells you where the money goes. The dollar list price is a starting reference, not what you pay.

Does the RAP-minus convention apply to lab-grown diamonds?

Increasingly lab-grown is quoted as a percentage of natural RAP, for example lab at 8 percent of natural list, and that percentage keeps falling. The series underneath it has fallen very steeply. Published wholesale tracking puts the decline at somewhere between 70 and 96 percent depending on the base year chosen and the size measured, and although the pace of the fall has slowed the direction has not changed. On the other side, published estimates put lab-grown resale at somewhere between 10 and 40 percent, on estimates that disagree sharply with each other, of purchase price, and several large retail groups decline these stones on trade-in entirely. A reference that has moved that far and is still moving is not something to anchor a RAP-minus negotiation around.

Rapaport Price List 2026. Jeweller Discount Methodology Explained

Rapaport price list jeweller discount, bottom line up front

Short answer: buy at the manufacturer, cutting house or dealer level, and use the list to read the quote. A one carat round brilliant at G colour and VS1 clarity, bought loose, works out at roughly R72,000 to R92,000 including VAT on the published list at the discounts the trade works in, with about R82,000 in the middle. That is an estimate built from the arithmetic below, not a quote.

Cheaper. A retail counter buys its stones at that same level and then applies keystone, roughly doubling the number, with a branded showroom at about three times. Between one trade level and the next the margin is commonly 3 to 5 percent, so the one expensive hop is the last one, and it is the only one you get to choose.
Better. The specification worth owning is about five times more common a step up: 52 percent of trade-access stock reached D to G colour with VS2 clarity or better, against 9 percent of retail-held South African stock.
They quote the rest too. Setting, bespoke work, resizing, re-tipping, insurance valuations and buy-back are bench jobs, and most dealers and manufacturers either run a bench or work with one. A retail counter mostly sends that work out to a bench like theirs.

Go to a showroom instead if you need the ring today, want to try finished rings on a hand before deciding, or want the brand and the box.

A “RAP minus 30%” quote on a 1.00 ct G/VS1 round comes out near $3,780 a carat, off a list price of $5,400, which sounds like a steal until you remember that dollar number carries no VAT, no import duty, no Rand conversion and no retail margin. The convention that closes most of that gap is keystone: the counter price is roughly double what the stone cost the counter, and a branded showroom runs to about three times, while the margins between one trade level and the next are thin at commonly 3 to 5 percent a hop. So the first thing to understand about a rapaport price list jeweller discount is that it is a wholesale starting reference in dollars, and that nearly everything separating it from a Johannesburg showroom ticket happens in a single step, at the moment the stone crosses onto a retail floor.

The Rapaport Price List itself is the diamond trade’s benchmark for wholesale pricing of polished, GIA-graded diamonds, published weekly as a round list and a pear list, with pear standing in for fancy shapes generally. It is not a free public tool. It needs a paid subscription via Rapaport’s site, around $250/yr (about $5/week) Basic or $350/yr (about $7/week) Plus on the annual plan. Wholesale jewellers and dealers do not pay list price. The trade convention is to buy at 10-40% below the Rapaport list (“RAP minus X%”), with the discount varying by stone quality, market conditions and supplier relationship. Historical strong-market average sits around 20-35% off list. This guide explains exactly how to read a jeweller-discount quote, convert it into a real wholesale price, and sanity-check it against what a stone actually costs here.

What the Rapaport Price List actually is

Martin Rapaport launched the Rapaport Diamond Report in 1978 as the first systematic public reference for polished diamond wholesale pricing. The list is published weekly (Friday updates), structured as price-per-carat tables organised by:

Shape. Two lists are published weekly: round and pear. There is no separate multi-shape fancies table. Pear serves as the proxy for fancy shapes generally, which is why a cushion or a marquise quote gets read against the pear list with judgement applied on top. A parcel list is published monthly and is a different product again.
Carat weight. Discrete bands (e.g., 0.80-0.89, 0.90-0.99, 1.00-1.49, 1.50-1.99, 2.00-2.99, 3.00-3.99…)
Colour grade. D, E, F, G, H, I, J, K, L, M (rows)
Clarity grade. The axis starts at IF. There is no FL column. It runs IF, VVS1, VVS2, VS1, VS2, SI1, SI2, SI3, I1, I2, I3. SI3 is a Rapaport grade that GIA does not issue, so a stone described as SI3 has been graded somewhere other than GIA or described in trade shorthand. Each cell of the table gives a price-per-carat in USD hundreds. On the list of 20 March 2026, a 1.00-1.49 ct round brilliant at G colour and VS1 clarity sits at $54 per 100, which is $5,400 per carat, so a 1.00 ct stone at that specification carries a list price of $5,400. That is the same figure the rand table further down is built on. The price list is list price, not real-trade price. Almost every wholesale transaction happens at a discount to list. The discount conventions below are the actual market.

Subscription tiers in 2026

Tier	Price	What you get
Basic	$250/yr (about $5/week)	Round-brilliant list, weekly updates, archive of historical lists
Plus	$350/yr (about $7/week)	Round plus pear, the fancy-shape proxy list, weekly updates, historical archive
RapNet (separate product)	membership from about $50 to $300/month by tier	Not a price list but the trade marketplace: search 1.5M+ stones from 12K dealers worldwide, live asking prices, alerts
Keep those two straight, because buyers conflate them constantly. Basic and Plus are tiers of the price list you read a quote against; RapNet is a separate marketplace subscription you actually trade on, with its own membership. Most working wholesale jewellers pair Plus with a RapNet membership and find it pays for itself within 2 to 4 stone purchases. For sub-two-stones-a-month volume, the Plus price list on its own is enough to benchmark a quote.
Subscribe at https://store.rapaport.com.

The discount conventions. What “RAP minus 30%” actually means

A rapaport price list jeweller discount quote typically reads as: “RAP minus 30%” or “Rap -30” or “30 back”. All three mean the same thing: a 30% discount off the current Rapaport list price for that exact spec. For our example 1.00 ct G/VS1 round at $5,400 list:

Quote “RAP minus 25%” = $5,400 x 0.75 = $4,050 per carat = $4,050 total (since stone is 1.00 ct)
Quote “RAP minus 30%” = $5,400 x 0.70 = $3,780 per carat = $3,780 total
Quote “RAP minus 35%” = $5,400 x 0.65 = $3,510 per carat = $3,510 total
Quote “RAP minus 40%” = $5,400 x 0.60 = $3,240 per carat = $3,240 total For a heavier stone inside the same 1.00 to 1.49 ct bracket, the per-carat figure holds and you multiply by the weight. A 1.20 ct at the same grade:
Quote “RAP minus 30%” = $5,400 x 0.70 x 1.20 = $4,536 total

Cross a bracket boundary, to 1.50 ct or 2.00 ct, and the per-carat list price itself steps up, because larger crystals are disproportionately scarcer. I am not going to print list figures for brackets I have not verified, so read the cell for the exact bracket rather than scaling this one.

What discount range is realistic in 2026?

Discount levels vary by:

Stone quality. Excellent cut with ideal (triple-Excellent) proportions and no fluorescence get smaller discounts (lower 10-15% range); Good cut or off-spec proportions widen discount (35-40% range)
Inscription / pedigree. De Beers’ “Forevermark” pedigree, GIA-traceable origin, or Sightholder-cut typically reduce discount by 3-7 percentage points (smaller discount = higher price)
Carat band. Premium price-points (1.00 ct, 1.50 ct, 2.00 ct exact) command tighter discounts than odd-weight stones (0.91 ct, 1.43 ct, 1.71 ct)
Stone type. Naturals follow Rapaport conventions; lab-growns are increasingly priced as ”% of natural Rap” (e.g., “lab at 8% of natural Rap”), with the percentage falling through 2026. A benchmark that keeps sliding is why I keep lab-grown out of a natural-diamond negotiation rather than trying to price the two off one another.
Supplier tier. Sightholder-cut top stones at smaller discount; OTC trade goods at wider discount; secondary-market old-stock stones at largest discount
Market conditions. Strong demand narrows discounts; weak demand widens them
Volume. Parcel-tier purchases (15-25+ stones) typically improve discount by 2-4 percentage points over single-stone Industry conventions in 2026:
Top-grade (D-F, IF-VVS, EX cut, no fluorescence): RAP minus 10-20%
Standard commercial (G-H, VS-SI1, EX/VG cut): RAP minus 25-35%
Lower commercial (I-K, SI2-I1, lower cut grades): RAP minus 35-45%
Off-spec or older stock: RAP minus 40-55%
Historical strong-market average across all tiers: 20-35% off list

What a dealer-direct price should look like in rand

Everything above is percentages, and percentages are hard to argue with a seller. So here is the arithmetic finished, in rand, for a round brilliant bought loose and direct.

Read this as an estimate, not a price list. Nobody publishes what South African dealers actually charge the public, so a discount has to be assumed. I have assumed Rap less 20 percent, on the reasoning that a dealer selling direct to a private buyer has to sit clearly under the retail counter to be worth the trip, while still holding a workable margin. The sanity check is below, and it is the reason I am willing to publish the number at all.

The method, so you can redo it yourself with a fresher list and a fresher rate:

Rapaport list price per carat        (round brilliant list, 20 March 2026)
  less 20 percent                    (the assumption)
  x the carat weight
  x 16.50                            (rand per US dollar, 4 August 2026)
  x 1.15                             (15 percent VAT)
  = rand, including VAT, loose stone only

The exchange rate is the live one, not a round number chosen for convenience. On 4 August 2026 two independent feeds put the dollar at R16.47 and R16.52, so R16.50 is the figure used throughout. That single input moves everything below it. The same table built at R18 would put a one carat G/VS1 near R89,500 rather than R82,000, which is a nine percent swing on nothing to do with diamonds. If the rand has moved since you are reading this, the numbers here are wrong by exactly that much, and the fix is to redo the arithmetic rather than to trust the table.

Carat	D/VS1	F/VS1	G/VS1	G/VS2	H/VS2	I/SI1
0.30	R7,500	R6,500	R6,000	R5,500	R5,000	R4,500
0.50	R19,000	R16,000	R14,500	R13,500	R12,000	R10,000
0.70	R37,000	R32,000	R28,500	R25,500	R22,500	R17,000
0.90	R72,500	R60,000	R54,500	R48,000	R42,500	R33,000
1.00	R115,000	R95,500	R82,000	R71,500	R64,000	R47,000
1.50	R289,000	R246,000	R214,000	R194,000	R159,000	R121,000
2.00	R622,000	R531,000	R455,000	R410,000	R349,000	R261,000

Figures are rounded, because an estimate that reports itself to the last rand is pretending to a precision it does not have.

The sanity check, which is the important part

An assumption is worth nothing on its own, so here is what the twenty percent is and is not resting on. It is not resting on our own price data. In the July 2026 pricing work, 73 rows across 18 sellers with 71 rows priced, there is no G colour, VS1, Excellent listing at all. That specification simply does not appear on the shelves I logged, which is exactly why the anchor for it has to be built from the published list rather than lifted off a local ticket. A page that claimed to have measured that stone locally would be claiming something the data cannot carry.

What the assumption can be tested against is the width of its own range and the one local number that is genuinely comparable in scale:

One carat, G/VS1	Rand, incl VAT
Rap less 10 percent, loose stone	R92,200
Rap less 20 percent, loose stone. The estimate	R82,000
Rap less 30 percent, loose stone	R71,700
Cheapest observed SA premium showroom, finished ring	R105,000

Two things follow. First, R82,000 sits in the middle of its own range rather than at the edge of it, so the estimate does not depend on picking a flattering discount: work the same list at 10 or 30 percent off and you get R92,200 or R71,700, and the honest way to publish it is as the band R72,000 to R92,000 including VAT, with R82,000 in the middle. Second, even the top of that band is below the cheapest finished ring I found in a premium South African showroom. That last comparison is only worth as much as its caveat: the R105,000 is a ring, with a setting, making and a counter inside the price, while the R82,000 is a bare stone. It tells you the two live in different price territory. It does not tell you the difference is all margin, and I am not going to pretend it does.

Push the assumed discount much below twenty percent and the estimate stops describing anything a private buyer can reach, because a dealer selling direct still has to hold a margin. Push it much above thirty and you are describing distressed or off-spec goods rather than the stone on the line above. That is the whole range, published, so you can pick your own point in it.

What this number is not

It is the stone only. No setting, no making, no certification fee, no insurance valuation. Those are generally quotable at the same level rather than somewhere else, because most dealers and manufacturers either run a bench or work with one and take commissions, so ask for the stone and the making as two figures on one quote, and ask what a valuation for insurance costs while you are there. A mount built around the stone you have just priced is a different job from fitting that stone into a mount that already existed. It is also made to order, so allow weeks rather than an afternoon.
It is round brilliants only. Fancy shapes price off a different list.
It moves. The list moves weekly, the rand moves daily, and VAT can change. Every figure here is downstream of three inputs printed above it, so redo the arithmetic rather than trusting a table you found on the internet, including this one.
It is not a quote and it is not a survey of what dealers charge. It is a published benchmark with one clearly stated assumption applied to it, which is exactly why you can check it yourself.

One thing the arithmetic does not price is time. Trade-level work is made to order, so a ring bought that way runs in weeks and you commit to a stone and a drawing rather than to something you have already worn on a hand. A showroom is the opposite trade: finished rings in the case today, one of them leaving with you this afternoon, shop hours, no appointment, and a name on the box if that is part of the purchase. When the date is fixed and close, that is worth paying the last hop for, and this page becomes a tool for reading the quote rather than for avoiding it.

Take the relevant cell to a seller and ask them to explain the gap. A seller who can tell you why their number sits above or below it, in terms of make, fluorescence, certificate or inventory cost, is a seller who knows their own stock. One who cannot is quoting you a number they have not thought about.

From a RAP-minus quote to a real South African price

This is where most buyers get caught. The RAP-minus number is a clean wholesale dollar figure. The price you actually pay in Rand is that figure with several things stacked on it, and the order they stack in tells you which ones are worth arguing about:

Exchange rate. A dollar quote stays a dollar quote. It moves with the Rand after you have agreed the discount, not before.
15% VAT. Charged here on the landed value. A RAP-minus number never includes it and a consumer price always does, which makes this the single most common apples-to-pears comparison in the local market.
Import handling and clearance. Small against the rest, but real, and almost never itemised in the quote you were shown.
Trade margin between levels. Thin. Commonly 3 to 5 percent from one level of the trade to the next, which is why a stone passing through two or three hands does far less damage to the price than most buyers assume.
The keystone step. This is the one that matters. Retail convention is roughly double the trade cost at the counter, and roughly three times at a branded showroom. It happens once, at the moment the stone leaves the trade for a retail floor, and it pays rent, stock, staff, insurance and a brand rather than anything that was done to the diamond.

What that arithmetic produces at the consumer end is visible in the market itself. In July 2026 I priced 73 one carat listings across 18 sellers, 17 of them South African, spanning premium showrooms, mall chains and online sellers, and 71 of those rows carried a price. Finished one carat rings at premium showrooms ran between R105,000 and R428,000. That band is a ring rather than a stone, it includes the setting, and it rests on three listings of three different specifications, so read it as the span of what a showroom charges for “a one carat ring” and not as one stone priced three ways. Held against it, the same weight worked up from the published list at G colour and VS1 comes out near R82,000 including VAT as a loose stone.

Hold your RAP-minus dollar number next to those figures and you can see exactly where the discount stops mattering. A tighter or wider percentage off list moves the trade number by a few percent. The step onto a retail counter moves it by a hundred percent or more. A buyer who spends a fortnight negotiating five points off list and then buys at a counter has optimised the small number and paid the big one in full.

One archetype deserves its own warning on this topic. An online seller quoting RAP-minus is often reading a number off a global feed for a stone sitting in somebody else’s vault. That the stone sits elsewhere is not the flaw. A discount off list is a trade quote, and trade quotes are how stones get found in the first place. The flaw is that a percentage off a dollar list says nothing about the make, that on the usual arrangement nobody at that end has examined the stone, and that the Rand-landed cost still has VAT, import and margin stacked on top. Ask for the report number and the cut, polish and symmetry grades before you admire the discount.

A single percentage is also a poor way to compare two quotes, because the list is a grid. Colour runs down the side, clarity across the top, and at one carat weight there is not one list price but dozens. The top-left and bottom-right cells of that grid are not in the same market at all. A deep discount on a G/SI1 and a tight discount on an E/IF can land at very different real-world value, so tie every RAP-minus percentage back to the exact spec before you compare it to anything.

Even a fixed spec will not produce one price at the consumer end. On the list side alone, holding colour, clarity and weight constant at G, VS1 and one carat, the ordinary trade discount range of 10 to 30 percent off puts the loose stone anywhere from about R72,000 to R92,000 including VAT, before anyone has walked into a shop. What I cannot give you is a measured spread for that exact specification across South African sellers, because not one G/VS1 Excellent listing appears in the July 2026 sample. The specification the trade treats as a benchmark is largely absent from the local retail shelf, which is itself the more interesting finding.

For the lab-grown line on a price list, treat it as a separate market with its own physics. Published wholesale tracking puts the fall at somewhere between 70 and 96 percent depending on which year you measure from and which size you look at, and the series is still drifting down even though the rate of decline has slowed. Published estimates put resale at somewhere between 10 and 40 percent, on estimates that disagree sharply with each other, of what was paid, in a market thin enough that some large retail groups will not take these stones back on trade-in at all. None of that makes a usable benchmark for a natural-diamond negotiation, which is why I keep the two apart and cover the natural side properly in our wholesale diamond pricing explained guide.

What changed in 2026. Read the trend

The Rapaport Round-Brilliant list released February 13, 2026 reflected broad market improvements relative to 2024-2025. Drivers cited by Rapaport editorial:

Trade and duty shifts. Periodic changes in duties and trade flow between the big cutting centres and the US, which loosen or tighten supply
Lab-grown compression. Lab-grown wholesale continuing to compress against natural list has reinforced my view that factory-grown stones sit in a separate market, and are not a reference point I would build a serious natural-diamond negotiation on
De Beers production discipline. 2025-2026 De Beers rough sales reductions tightened the natural pipeline, supporting list-price stability For 2026 going forward, expect:
Top-grade discounts tightening (from typical 25% to closer to 15%)
Mid-tier discounts holding around 30%
Older-stock discounts holding wide as demand for fresh goods continues

How to use the discount methodology in supplier negotiations

When requesting a quote from a supplier:

Specify exactly: shape, carat weight, colour, clarity, cut grade, polish, symmetry, fluorescence, and lab. (“1.00 ct round brilliant, G/SI1, GIA, EX/EX/EX cut polish symmetry, no fluorescence”)
Ask for both list price AND discount: “What’s your offer for this spec? Quote in RAP-minus-percent format please.” Legitimate suppliers will quote in this convention without hesitation; suppliers who refuse to disclose RAP-minus typically have something to hide
Cross-verify the list price: subscribe to Rapaport (or use a borrowed access for verification only. Sharing logins violates Rapaport ToS) to verify their list-price citation matches the current Friday-updated list
Apply the calculation to convert the quote into your real cost: see the RAP-minus arithmetic below before comparing supplier quotes
Compare across 3+ suppliers for any single stone before committing. Variance across suppliers can be 5-15% even at the same RAP-minus quote level due to actual stone quality variations within grade
Anchor every RAP-minus quote to one from a stone the seller actually holds. A discount percentage only means something measured against a real, inspectable diamond, so make at least one of your comparison quotes come from a seller with GIA-certified stock in the building that you can look at in person, and use it as the like-for-like floor for every other offer. Finding those sellers is a search problem with a counter-intuitive answer: do not search for a wholesaler or a dealer, because in South Africa those terms barely get searched and the results do not contain the people you want. Search the price question. A seller who already publishes a rand figure per carat, the sort that turns up on 1 carat diamond price or diamond price per carat South Africa, has agreed to be measured in public and will usually quote you in RAP-minus without flinching. Use the diamond buying checklist to set that comparison floor; the full method sits in our wholesale diamond suppliers comparison.

Tools to make this practical

Work the RAP-minus by hand. There is no calculator embedded here, just the arithmetic: take the current list price, apply the discount, then multiply by the carat weight (list price times (1 minus the discount) times carats) for the total, and divide back out for the per-carat. Do this for every quote before you compare them.
GIA Report Check. Paste a GIA report number into GIA’s official lookup before paying a supplier.

Where the numbers come from

The rand table in this guide is arithmetic on a published benchmark, not a survey: the Rapaport round list of 20 March 2026, one stated discount assumption, a live exchange rate and VAT, all printed above the table so you can redo it. The showroom figures come from my own July 2026 pricing work: 73 one carat listings across 18 sellers, of which 17 are South African and one is an international online retailer, with 71 rows carrying a price. The premium showroom range rests on three of those listings, at three different specifications, and it describes finished rings including their settings. I publish it as a band and never as a single stone at a single price, because a band describes a market while one row describes one business. You can read the full method in the South African diamond price index. The keystone and trade-margin conventions are published trade practice, not my finding, and the dollar list conventions reflect the Rapaport methodology. Specific quotes for specific stones must come from the supplier directly, and a RAP-minus percentage only means something against an exact spec. What this data cannot tell you is what any individual supplier will quote you on the day, or what discount your volume earns. Editorial opinion here reflects the research at the date shown and is updated as the market moves. For our full editorial methodology and corrections process, see the editorial policy.