All diamond grading reports from EGL will no longer be used by reputable loose diamond companies, sourcing the international network of diamond suppliers to provide transparent, efficient and competitivewholesale diamond and jewelry markets.
Reputable loose diamond companies have voiced concerns about the misrepresentation of diamond quality by laboratories that use GIA diamond grading terminology, while applying alternative grading standards that overstate the quality of the loose diamonds. While some EGL grading reports are more consistent with GIA grading standards than others, there is confusion and inconsistency among the various EGL grading reports. Therefore, loose diamond companies that are trustworthy have decided not to list any loose diamonds accommodated with EGL diamond grading reports.
It is recognized that GIA and other diamond laboratory grading is based on human evaluation and is therefore subjective. A difference of one diamond color or one diamond clarity grade between diamond grading reports from the same or different laboratories is within a reasonable tolerance range. The GIA diamondgrading standard is the norm set for the diamond industry, and therefore many gem laboratories will use GIA grading terminology to describe diamonds that are below a reasonable tolerance range of the GIA standard. Companies using GIA terminology should honestly communicate diamond quality based on the GIA standard.
“The Diamond Registry is opposed to misleading statements of diamond quality. The over-grading of diamonds is an unfair practice that destroys consumer confidence and the legitimacy of the wholesale diamond industry. Retailers who sell over-graded loose diamonds using GIA terminology and non-GIA grading standards are at great risk.
When consumers try to resell their loose diamonds or send them to the GIA for re-grading and discover significant diamond quality differences it affects us all. The wholesale diamond trade must prioritize the protection of consumers above profits,” said a representative of the wholesale diamond company.