TUSTIN, CA--(Marketwired - Sep 18, 2014) - In light of recent events occurring within the industry with regards to Rapnet's announcement that they would no longer allow EGL graded diamonds to be offered on their online trading floor; The Jewelry Exchange would like to make some relevant information available on a facet of the discussion which has been getting relatively little attention in the overarching discussion.
The Jewelry Exchange would like to share some recent experiences that we have had with EGL-USA with regards to their grading standards.
After sending out several stones, which had previously been graded by other reputable labs, to EGL-USA we found the results not entirely surprising but well worth sharing.
We submitted to EGL-USA:
14 stones graded by AGS
2 stones graded by GIA
Of the 14 stones which had been graded by AGS, all of which were 2 carat and above:
- 5 stones were given a single upgrade in their color by EGL-USA
- 1 stone was given a single upgrade in its clarity
- 3 stones were given a single clarity downgrade by EGL-USA
- 1 stone was given a single downgrade in both clarity and color
- 4 stones were given the same grade by both EGL-USA and AGS
Of the two GIA stones we recently submitted to EGL-USA one stone kept the same grade (a 1 carat D-SI2 stone) and one stone was given a single downgrade in clarity to SI3 from the GIA grading of SI2.
On average our experience has been that EGL-USA grades stones slightly higher than GIA, and often the same. We as a company have not experienced any grading practices which we would term 'inflated' or 'misleading'. On the contrary The Jewelry Exchange stands behind the EGL-USA product which we recognize to be a quality report consistent with industry standards.
The Jewelry Exchange also makes available EGL-International graded diamonds as a courtesy to our customers to compare commonly purchased and marketed reports. We recognize that many jewelers carry these certifications, and in order to offer a competing product we do as well. In addition we make clear to our customers the difference between EGL-USA and EGL-International and have anyone purchasing an EGL-International stone sign a disclaimer stating that the grading of the stone will be an average of 2 color and 2 clarity grades lower than an equivalent EGL-USA stone.
The Jewelry Exchange feels that EGL-USA offers a quality product which does not require such a disclaimer.
Rapnet has recently decided that they will be delisting all EGL stones from their trading site in the face of what it calls "the abuse of the GIA grading standard", but has not distinguished between EGL-USA and the many EGL-International group labs. In Rapnet's earlier statement it was noted "that a difference of one color and one clarity between diamond grading reports from the same or different laboratories is within a reasonable tolerance range" for diamond standards; this is a range which The Jewelry Exchange believes EGL-USA fits into handily.
It is also worth noting that while Rapnet is delisting all EGL graded stones, the Rapaport Diamond Report continues to provide and has provided pricing information for SI3 graded stones for many years, despite the fact that a grade of SI3 will only be given through an EGL lab as GIA does not recognize the 'SI3' grade. Rapnet stated in an earlier press release, "We oppose the misuse of GIA terminology by applying alternative grading standards that overstate the quality of diamonds. We support the GIA standards as defined by the GIA grading laboratory in their diamond grading reports." It seems odd then that the Rapaport Diamond Report would offer pricing information on a grading that GIA does not recognize at the same time that Rapnet is removing stones from its online trading floor for not adhering to GIA standards.
The Jewelry Exchange hopes that our experience and results will prove helpful to others and reaffirm that EGL-USA is a reputable gemological lab which provides quality diamond reports comparable with other well respected labs.
About The Jewelry Exchange
Goldenwest Diamond Corporation owns and operates The Jewelry Exchange, as well as The Jewelry Factory in the New York metropolitan area. They carry a large inventory of EGL and GIA certified diamonds available at prices to match nearly every budget.
