Honest Diamond grading
Martin Rapaport has released a comprehensive editorial entitled
“Honest Grading” that discloses the systematic over-grading of over one
hundred thousand diamonds, valued at more than a billion dollars.
Rapaport calls upon the legitimate jewelry trade to reject those selling
over-graded diamonds that fool consumers into believing they are
getting better diamonds than they are receiving.
The article declares that it is an unfair trade practice
to grade diamonds using Gemological Institute of America (GIA) grading
terminology while applying alternative standards that overgrade the
diamonds. It insists that suppliers be held repsonsible for what they
sell and provide full refunds in the event that diamonds re-graded by
the GIA are more than one color or one clarity below the grade indicated
when sold.
“The Rapaport Group is opposed to the misrepresentation
of diamond quality. The over-grading of diamonds is an unfair practice
that hurts consumers as it destroys the legitimacy of the diamond trade.
“Retailers who sell over-graded diamonds with GIA
terminology and non-GIA grading standards are at great risk. When
consumers try to re-sell their diamonds or send them to the GIA for
re-grading and discover significant quality differences, there will be
hell to pay.
“Consumers must be warned not to trust misleading diamond
grading reports and those that sell them. Suppliers must be held
responsible for the quaity of the diamonds they sell. The diamond trade
must prioritize the protection of consumers above profits,” said Martin
Rapaport, Chairman of the Rapaport Group.
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