Many dealers are upset with GIA’s recently announced diamond report update and reissue service.
The service goes like this:
For round brilliant diamonds graded between August 1, 2005 and Dec. 31, 2005, dealers can return the old report without the diamond, and new one with a cut grade will be issued. The service is free through March.
After March 2006, services will return to standard fees — $30 for a reissued report, and 75% of the grading fee for an updated report.
For round brilliant diamonds graded between Jan. 1, 2005, and July 31, 2005, people can check if their diamonds need to be rechecked. Depending on the answer, either the diamond or just the report needs to be resubmitted. The fee for this is $15 before March 1 and 75% thereafter.
Diamonds graded before Jan. 1, 2005 — which would encompass tens and thousands of certificates — need an updated report for a 75% fee.
After what has happened at the GIA over this last year, and put the trade through, many dealers feel it would have been a nice gesture if the entire service were free. After all, they say, it was the GIA who changed the rules by adding a cut grade.
By making everyone submit their diamonds before March, or else face additional fees, GIA is also risking a major backlog.