Breaking News

Rapaport and Polygon Remove EGLI Reports From Database

While attending the world of gems conference in Chicago in September it was announced that the Rappaport Diamond Report would no longer list diamonds certified by the European Gemological Laboratory International (EGLI) in its database.

The reason for this is that the EGL I has been overstating the quality of diamonds for many years. This is a well-known fact within the jewelry industry however it is relatively unknown and very confusing to the consumer.

At Suncoast gems we have always adhered to the Gemological Institute of America grading standards. Our guarantee to our customers is that all of the unmounted diamonds that we sell will be within the industry accepted one grade tolerance of the G I A standard grade.

In the November 2014 Rappaport magazine there is an article entitled “Honest Grading”. Click on the link below to read the entire article.
http://www.diamonds.net/Magazine/Article.aspx?ArticleID=48446&RDRIssueID=130

In the article it states, “Diamond grading reports labeled EGL International (EGLI) commonly use gemological Institute of America GIA terminology to describe diamonds as four or more color/clarity combination grades higher than what the GIA would give the same stones. Over grading has become institutionalized. Hundreds of thousands of diamonds worth billions of dollars have been sold to consumers with over graded reports in the past few years.”

“Remarkably, the dealers selling over grade reports are not ashamed of their actions. Some buy diamonds with GIA grading reports conditioned on the seller’s obtaining three, four or even five color/clarity combination upgrades from EGL I. Retailers seeking greater profits are active buyers of over graded reports. After all it’s easier to sell and EGL I G at a low price than the GIA G at a much higher price. It’s also easier to sell and EGL I G at the same price as a GIA K color. Consumers don’t understand the nuances of color grading or the differences between GIA and EGL I reports, but they can certainly tell the 74% difference in cost from $4200 to $7300 for one carat SI-1 diamond. From dealers to retailers, an entire industry has emerged based on over grading.”

“While the profit motivations are easy to understand, the cynical justifications for the unethical behavior are often just as crooked as the sellers themselves. The obvious negative ramifications of over grading and misrepresenting diamond quality to hundreds of thousands of consumers are clear. The damage to the diamond industry by the establishment, acceptance and support of a culture that promotes systematic misrepresentation of diamond quality and the outright cheeting of consumers destroys the diamond trade from within. It is as insidious as an undetected cancer eating away at the essential moral fiber of the diamond trade.”

As a service to our clients and to the public at large, Suncoast Gems will at no charge, review, check and verify the grades of any EGLI Certified Diamonds for the accuracy of the grades. We offer this as a public service toi the consumer.

To have your diamond quality verified, call us to set up an appointment at 941-756-8787.