A little squabble over a couple of stones, 103ct & 37ct

[Garry H (Cut Nut)]

http://www.polishedprices.com/columns/default.asp?id=1000001864&newstypeid=6

"There has been an almost indecent level of interest in the news about the GIA and Vivid Collection being sued by an ex-Winston employee about the certification of a couple of stones.

I thought that I was the only one who was referred to as a disgruntled ex-employee.

Anyway, I do not want to sound blasé when I use the phrase a couple of stones, one was a 103 carater and the other a 37 carater, give or take a bit here or there."

Click the link for more

 

[valeria101]

Taken out of context, the message sounds pretty bad... something along the lines of "Important diamond returned to seller becuase of GIA missgrading."

Just in case someone else hears the big news for the first time, here' one take from diamond.com:



............................................................................................................
NY Dealer Sues Vivid Collection, GIA

By Jeff Miller, Jeanette Goldman Posted: 8/22/2005 8:30 PM

(Rapaport...August 22, 2005) In a lawsuit charging misrepresentation of diamond quality, court documents show that diamond dealer Max Pincione, former managing director of Harry Winston, sued Vivid Collection LLC and the Gemological Institute of America (GIA.) Pincione's brief alleges that parties at Vivid Collection paid parties at GIA for upgrading two diamond certificates in 2001. The New York County clerk's office assigned the case on April 21, 2005, and lists defendants as the GIA, Ali Khazeneh, Moty Spector (along with Spector's Vivid Collection.)

GIA's spokesman, Alex Angelle, told Rapaport News that due to the nature of a pending lawsuit what he could say was that GIA along with a number of others were served "and [it] contains allegations regarding two diamonds, but it is important to note that GIA and others have filed motions to dismiss the lawsuit."

Litigation is ongoing according to Angelle and Pincione's attorney, Stephen Hans.

"GIA denies the allegations and will vigorously defend itself," Angelle said.

Hans told Rapaport that "what has already been filed and done is totally changed." He said that there is a new sense of accountability and legal theories, which will "cause defendants to rethink" their response to lawsuit.

Pincione contends in court brief that he sold one diamond ring, purchased from Vivid Collection of which had been certified by GIA. Pincone's customer returned the ring saying it was not of the quality stated in the GIA certification. The lawsuit seeks five judgements of $50 million each arising from seven causes of action, and $150 million in punitive damages.

Should parties not reach agreement, the next scheduled hearing in Supreme Court is October 11, 2005 (date subject to change.)

Rapaport will follow developments of the case as warranted.
............................................................................................................


Has GIA become too expensive to bear ?

 

[diagem]

I guess GIA is not The Mother Of All Gemological Laboratories????!!!!

Now, when the digging has started, I will not be suprised if more S---!!!, start to float....

 

[MissAva]

Wow... intreasting.

 

[Garry H (Cut Nut)]

I only read the first part of the link I posted (printed it and read it later over coffee). I knew about the Rap news article, but never thought beyond as the Antwerpen writter is supposing.

hmmmmm
http://www.dainbramaged.com/images/shit_hits_fan_6_red.jpg

 

[diagem]

It will be interesting to see if this story blows to the right proportions it should, or will they as before, be able to keep this Giant sea calm???

It will be interesting....

 

[diagem]

Rap has all the real details from the Official Complaint to the NY court.

check it out

 

[strmrdr]

With the lose standards in the trade and the huge price increases with one grade difference im shocked it has taken this long for lawsuits to fly.

Of course there could have been and they were hushed up too.
So who knows.

 

[diagem]

Wrong, not loose standards, individual opinions remember!! GIA or any other lab don''t guarantee their decisions!!!!

Legaly, this situation is not interesting, REPUTATION is what is in stake here, and it is between the BiG League guy''s of the industry, and Reputation is the number 1 factor of this industry!!!

That is why this could get interesting, dont worry about The GIA, they will fly by it legaly...

 

[mepearl53]

I wonder why all those people from polishedprices.com left DeBeers after so many years? The article by their guy was pretty cutting. Another case of let the buyer beware.