- Joined
- May 1, 2008
- Messages
- 3,563
Prior discussion and Rapaport's ban on EGL International diamonds can be found here:
Rapnet Bans EGL Reports from Trading Network
[URL='https://www.pricescope.com/community/threads/rapnet-bans-egl-reports-from-trading-network.205934/']https://www.pricescope.com/community/threads/rapnet-bans-egl-reports-from-trading-network.205934/[/URL]
Update
Martin Rapaport sent a message to trade members today, urging further action on this topic and hoping to implement several rules:
1. Recognize that it is an unfair trade practice to sell diamonds using GIA terminology while applying alternative grading standards that overstate the quality of a diamond.
2. Define over-graded diamonds as diamonds graded using GIA terminology that, when verified by the GIA, are more than one color or one clarity grade lower than the original grade.
3. Make suppliers responsible for what they sell. Require sellers to provide a full refund in the event that they sell over-graded diamonds. Failure to provide the refund, or the continued sale of over-graded diamonds, should result in the member’s suspension.
Rapaport Calls to End Over Grading of Diamonds
http://www.diamonds.net/HonestDiamonds/
Rapaport also 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.
http://www.diamonds.net/HonestDiamonds/Resources/Special_Report_Honest_Grading_1.pdf
Rapnet Bans EGL Reports from Trading Network
[URL='https://www.pricescope.com/community/threads/rapnet-bans-egl-reports-from-trading-network.205934/']https://www.pricescope.com/community/threads/rapnet-bans-egl-reports-from-trading-network.205934/[/URL]
Update
Martin Rapaport sent a message to trade members today, urging further action on this topic and hoping to implement several rules:
1. Recognize that it is an unfair trade practice to sell diamonds using GIA terminology while applying alternative grading standards that overstate the quality of a diamond.
2. Define over-graded diamonds as diamonds graded using GIA terminology that, when verified by the GIA, are more than one color or one clarity grade lower than the original grade.
3. Make suppliers responsible for what they sell. Require sellers to provide a full refund in the event that they sell over-graded diamonds. Failure to provide the refund, or the continued sale of over-graded diamonds, should result in the member’s suspension.
Rapaport Calls to End Over Grading of Diamonds
http://www.diamonds.net/HonestDiamonds/
Rapaport also 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.
http://www.diamonds.net/HonestDiamonds/Resources/Special_Report_Honest_Grading_1.pdf