AuctionsJun 09, 2025
Nancy Astor’s Cartier Tiara Sells for $1.2MThe rare turquoise and diamond jewel was the top lot at Bonhams’ June jewelry sale.
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
Events & AwardsJun 09, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
Events & AwardsJun 09, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
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.
MajorsJun 09, 2025
RDI Diamonds Partners With LavalierThe diamond wholesaler is working with the insurance provider to seamlessly offer personal jewelry insurance to RDI retailers’ clients.
Weekly QuizJun 05, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
Brought to you by
The True Power Behind the Counter: Why Sales Associates Are the Heart of the Jewelry BusinessWhen investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.
SourcingJun 05, 2025
A Rare Suite of Rubies Has Arrived in Las VegasThe “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.
Events & AwardsJun 05, 2025
Daymond John to Give Keynote at JCK Las VegasThe entrepreneur and “Shark Tank” star will share his top tips for success.
MajorsJun 05, 2025
Platinum Guild International Updates Leadership TeamTwo existing executives have been given new roles.
Events & AwardsJun 05, 2025
Zillion Announces 'Women in STEM' Scholarship RecipientMeredith Tiderington, an electrical engineering student, was selected for the award.
Lab-GrownJun 04, 2025
GIA Reverting to More General Terminology for Lab-Grown DiamondsIt will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”
Events & AwardsJun 04, 2025
As JCK Talks Returns, Don’t Miss These 12 SessionsFrom design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.
CrimeJun 04, 2025
10 Safety Tips for the Las Vegas Shows The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.
MajorsJun 04, 2025
Amy Curran Promoted at Hill & Co.Her new role is director of strategic initiatives.
CollectionsJun 03, 2025
In Her Latest Collection, Viviana Langhoff Is Leaning Into GoldThe designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.
FinancialsJun 03, 2025
Signet Jewelers Sees Turnaround in Q1 With Sales Ticking Up 2%On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.
SurveysJun 03, 2025
Consumer Confidence Improves in May The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.
CollectionsJun 03, 2025
Dakota Johnson Is Roberto Coin’s New Brand AmbassadorThe actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.
GradingJun 03, 2025
Mason-Kay Jade Adds ‘Fei Cui’ to Jade ReportsThe company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."
SourcingJun 02, 2025
Gemfields’ June Auction to Include 36-Carat RubyThe large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.
GradingJun 02, 2025
GSI Opens New Lab in Thailand Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.
TrendsJun 02, 2025
Amanda’s Style File: Three Gems for June Those born in June have a myriad of options for their birthstone jewelry.
SourcingJun 02, 2025
David Allouche Joins Grandview Klein DiamondsThe diamond industry veteran has been named its senior sales executive.
FinancialsMay 30, 2025
Movado’s Q1 Sales Slip Amid ‘Challenging’ Retail Environment The company plans to raise the prices of select watches to offset the impact of tariffs.
Policies & IssuesMay 30, 2025
Tariffs & Designers: Navigating Pricing in an Unstable EnvironmentBetween tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.
