CollectionsJul 17, 2025
2026 Winter Olympic Medal Design Symbolizes UnityThe medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.
EditorsMay 09, 2014
A report on grading reports
This week, WSMV-TV, an NBC affiliate in Nashville, Tenn., aired a two-part segment about Genesis Diamonds (not to be confused with lab-grown diamond company Gemesis), a local jewelry store that uses reports from EGL International, among other precious gemstone grading labs.
To me, the report that just aired in Tennessee seemed like a lot of he said-she said between the jeweler and others in the area who question the store’s business practices and use of EGL International certificates, as the lab has been said to over-grade diamonds.
For example: the “others” in the segment speaking out against Genesis claim that most of the diamonds the store sells have EGL International certificates. Genesis owner Boaz Ramon, meanwhile, said in the segment and told National Jeweler Thursday that 78 percent of his stones carry GIA certs while the rest are a mix among EGL USA, EGL International, IGI, AGS Labs and HRD Antwerp.
In the first of the two-part series, one of the gentlemen speaking out against this particular retailer says that Genesis is “basically changing the diamond market (and) the landscape in Nashville, and not for the good.”
But a myriad of other factors have changed the diamond market everywhere, including the Internet; consumers’ level of education about diamond buying; where, when and how consumers shop; a new generation with a different set of values and many more luxury items to choose from; the shrinking middle class … the list goes on.
What are retailers to do about it? I don’t claim to have all the solutions, but I don’t think complaining about competing jewelers use of EGL International is it. There’s nothing illegal about using these grading certificates.
In any industry, not just jewelry, all business people choose to run their operations differently. There’s nothing you can do about it. What you can control, however, is what goes on in your store. If you want to carry diamonds with EGL International certificates, then understand the alleged implications that go along with that and educate your customers accordingly.
If you choose not to carry diamonds from this lab, then understand that other retailers in your area might be carrying them, and be prepared to
educate consumers who come in with grading report questions.
At one point in the segment, the anchor uses the phrase “alphabet soup” in reference to the initials of the various grading laboratories, IGI, GIA, EGL, etc. This actually brought a smile to my face. What would she think of she really knew the full scope of the “alphabet soup” in the industry, the latest, and arguably greatest, of which is the Precious Stones Multi-Stakeholder Working Group, or the PSMSWG. (Just rolls off the tongue, doesn’t it?)
In any case, her “alphabet soup” comment was not only spot-on, and truer than she realizes, but it illustrates a larger point: This type of information--color grades, clarity grades, the different laboratories, diamond prices--is all very confusing for consumers.
When news reports like this one air, it doesn’t really do anybody in the industry any favors. What it mostly serves to do, instead, is to fuel consumer sentiment that jewelers are dishonest and that consumers potentially are getting ripped off every time they enter a jewelry store.
At one point in the segment, the anchor uses the phrase “alphabet soup” in reference to the initials of the various grading laboratories, IGI, GIA, EGL, etc. This actually brought a smile to my face. What would she think of she really knew the full scope of the “alphabet soup” in the industry, the latest, and arguably greatest, of which is the Precious Stones Multi-Stakeholder Working Group, or the PSMSWG. (Just rolls off the tongue, doesn’t it?)
In any case, her “alphabet soup” comment was not only spot-on, and truer than she realizes, but it illustrates a larger point: This type of information--color grades, clarity grades, the different laboratories, diamond prices--is all very confusing for consumers.
When news reports like this one air, it doesn’t really do anybody in the industry any favors. What it mostly serves to do, instead, is to fuel consumer sentiment that jewelers are dishonest and that consumers potentially are getting ripped off every time they enter a jewelry store.
More on Editors
The Latest
Supplier BulletinJul 17, 2025
The INSTORE Jewelry Show 2025: Your Holiday Preparations, All Wrapped Up! Sponsored by The INSTORE Jewelry Show 2025
SurveysJul 17, 2025
The Most Recommended Brands in the World, According to YouGovGlobally, travel and transportation brands reigned, while in the U.S., alcoholic beverage companies and a lingerie brand took the top spots.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
IndependentsJul 17, 2025
Gina Ferranti of GiGi Ferranti Jewelry Dies at 59The Brooklyn-based jewelry designer is remembered as a true artist and a rare talent.
Weekly QuizJul 17, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingJul 17, 2025
Rio Tinto Names New CEO, Production Rises at DiavikProduction at the mine in Canada’s Northwest Territories topped 1 million carats in Q2, the third consecutive quarter of growth.
Events & AwardsJul 17, 2025
JA to Hold Learning Workshops This FallA new slate of Learning Workshops will take place in Oklahoma, Mississippi, and Georgia.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers ListThe middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With ExhibitionThe auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth GenerationJake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s ImpermanenceThe “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.
MajorsJul 15, 2025
James Avery Expands to 2 More StatesThe Texas-based jewelry retailer has set up shop in Tennessee and Arizona.
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director Eric Ford will step into the role, bringing with him decades of experience.
MajorsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic ManufacturingIn addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone JewelryThe “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.
MajorsJul 14, 2025
Nanis Opens First StoreThe seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s JewelersThe New England jeweler is hosting a bridal event for the month of August.
SourcingJul 14, 2025
Ethical Gem Fair Heads to SeattleThe trade-only event will host its debut fair in the Emerald City later this month.
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in SeptemberIts sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ EarringsFor its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief EffortsThe jewelry company is one of several contributing to relief efforts in the region after the recent floods.
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as HoneyInspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry DesignThe brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb JewelerGoldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.
