Rapaport Honest Grading calls to end (EGL Int) overgrading

[John P]

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

 

[kenny]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

 

[Karl_K]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

about time.

 

[Gypsy]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

Good news!

 

[John P]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

We've told this story in different ways, for years and years, on Pricescope.


Jump to 05:13
https://www.youtube.com/watch?v=xwPv8HjQ4DY

"Some people believe that if you can't beat them you can confuse them... I can't beat you in the price, I'll confuse you on the quality..." (sic)
.
.
.

Non-sequitur: No embed feature on PS. How many of you reflexively 'clicked' on the cosmetic video-graphic I posted?

 

[distracts]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

Non-sequitur: No embed feature on PS. How many of you reflexively 'clicked' on the cosmetic video-graphic I posted?

 

[Modified Brilliant]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

The term "systematic overgrading" confirms what we all suspected. No surprise at all.

 

[heididdl]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

So does tht mean I should bring my 2 year old 2.41 EGL International graded stud back to the retailer. I had a slight uneasy feeling when I bought them but the price was in my budget for the size that I got so knowing they were EGL I bought them anyway. But the retailer knew they were EGL and I knew they werent the EGL certified F color si1 color.... So II have cause for him to refund my money or would he laugh at me for even asking after two years

 

[canuk-gal]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

So does tht mean I should bring my 2 year old 2.41 EGL International graded stud back to the retailer. I had a slight uneasy feeling when I bought them but the price was in my budget for the size that I got so knowing they [/b]were EGL I bought them anyway. But the retailer knew they were EGL and I knew they werent the EGL certified F color si1 color.... So II have cause for him to refund my money or would he laugh at me for even asking after two years

HI:

Interesting. And no disrespect intended. But......

Perhaps this is open to discussion. And worthy of another thread about rebates/refunds. KWIM?

cheers--Sharon

 

[Karl_K]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

So does tht mean I should bring my 2 year old 2.41 EGL International graded stud back to the retailer. I had a slight uneasy feeling when I bought them but the price was in my budget for the size that I got so knowing they were EGL I bought them anyway. But the retailer knew they were EGL and I knew they werent the EGL certified F color si1 color.... So II have cause for him to refund my money or would he laugh at me for even asking after two years

There are people suing jewelers for just that.
If the cases will go anywhere no one knows.

 

[JogiaDiamonds]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

The only EGL I've ever sold was a 1ct pear, graded J/SI1. In reality, it was really an O/SI2 or thereabouts, but it was eye-clean and the customer loved it and it was the only stone available within their budget.

The trade is very efficient at adjusting the price of EGL (and every other certified stone) to its true value. I also suspect those buying EGL certed stones aren't "clued up" about diamond grading and the 4Cs, but simply want a stone that looks good to their eye.

I'm sure Mr Rapaport has good intentions, I think it's a bit unfair to single out one lab (or group of labs) for overgrading, especially when it is entirely possible that those that regularly deal with EGL certed stones *may* be providing better value than GIA certed stones.

FWIW, I think GIA should have patented their grading systems so no other lab could have used them. This would have avoided this problem. AGS has their own scale, so do HRD (IDC). I don't see why other labs can't develop their own scales, especially in a more consumer oriented fashion.

 

[beyond4cs]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

The only EGL I've ever sold was a 1ct pear, graded J/SI1. In reality, it was really an O/SI2 or thereabouts, but it was eye-clean and the customer loved it and it was the only stone available within their budget.

The trade is very efficient at adjusting the price of EGL (and every other certified stone) to its true value. I also suspect those buying EGL certed stones aren't "clued up" about diamond grading and the 4Cs, but simply want a stone that looks good to their eye.

I'm sure Mr Rapaport has good intentions, I think it's a bit unfair to single out one lab (or group of labs) for overgrading, especially when it is entirely possible that those that regularly deal with EGL certed stones *may* be providing better value than GIA certed stones.

FWIW, I think GIA should have patented their grading systems so no other lab could have used them. This would have avoided this problem. AGS has their own scale, so do HRD (IDC). I don't see why other labs can't develop their own scales, especially in a more consumer oriented fashion.

I don't think Martin Rapaport would have blown this matter up if every single jeweler in the trade is blatantly honest about EGL diamonds and "adjusts" the value of the diamond to reflect a fair value and price the consumer should be paying. Unfortunately in real life, most jewelers do take advantage of consumers who don't know better.

 

[Serg]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

EGL over-graded years and Rapaport did not block EGL diamonds in previous years.
Rapaport opened grading service in this year.
10-20 years ago GIA refused attempts to create international grading standard.

 

[diagem]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

EGL over-graded years and Rapaport did not block EGL diamonds in previous years.
Rapaport opened grading service in this year.
10-20 years ago GIA refused attempts to create international grading standard.

Better late than never..., but yes its a long time coming...
I believe Rapaport grading services are still in the dark. I believe he is talking about ethical type grading?? Rapaport keeps mentioning he wants "kosher" Diamonds on Rapnet.

"...10-20 years ago GIA refused attempts to create international grading standard."

Does this mean GIA's grading nomenclature is their IP?

 

[denverappraiser]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

I agree, this is better late than never and it's a major industry problem that's decades old. We’ll see how it evolves but we shouldn’t forget that Rapaport is a giant player in this. He's one of the oldest and biggest pushers of the idea that diamonds should be commodities and he's built a giant entire empire on that premise. What makes a VVS1 cost more than an otherwise similar VS1? Why is a stone worth more or less today than it was yesterday, last month, or last year? It’s not GIA. It’s not even EGL. Is it the invisible hand of Adam Smith, or the highly visible hand of Martin Rapaport? It’s a bit of both I think, and as he points out, consumers are looking far more at price than at the minutia of clarity or color. That doesn’t come from GIA, it comes from Rapaport.

 

[Karl_K]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

I don't think Martin Rapaport would have blown this matter up if every single jeweler in the trade is blatantly honest about EGL diamonds and "adjusts" the value of the diamond to reflect a fair value and price the consumer should be paying. Unfortunately in real life, most jewelers do take advantage of consumers who don't know better.

You are right and I would go as far as saying say not passing on the whole discount is indeed common in the industry.

 

[Karl_K]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

AGS has their own scale,

AGS uses GIA blessed masters for color grading and follows the wiggles of GIA the best they can.
They are slightly stricter on some clarity features than GIA.
Some in the know have said they are closer to gia grading standards ideal than some of the new gia lab locations.

 

[Karl_K]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

I agree, this is better late than never and it's a major industry problem that's decades old. We’ll see how it evolves but we shouldn’t forget that Rapaport is a giant player in this. He's one of the oldest and biggest pushers of the idea that diamonds should be commodities and he's built a giant entire empire on that premise. What makes a VVS1 cost more than an otherwise similar VS1? Why is a stone worth more or less today than it was yesterday, last month, or last year? It’s not GIA. It’s not even EGL. Is it the invisible hand of Adam Smith, or the highly visible hand of Martin Rapaport? It’s a bit of both I think, and as he points out, consumers are looking far more at price than at the minutia of clarity or color. That doesn’t come from GIA, it comes from Rapaport.

Rapaport's place in the industry is indeed interesting.
There is no doubt he has a big influence on diamond prices.

 

[Rockdiamond]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

Interesting legal issue:
Pigs sell for $9 a pound
Chickens sell for $5 a pound
Some guy is able to come up with a system that will make people believe his chickens are pigs.
If he sells them at $5 a pound, it's clearly dishonest- but what's his liability?
If someone bought an L/I1, at a fair price for an L/I1, but was led to believe it was a J/VS1.....what is the monetary damage?
It will be very interesting to see how this plays out.....

 

[John P]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

There's no doubt that Rapaport would benefit from tighter grading standards, both in price-setting clarity and reliability on Rapnet. And of course there's this, http://www.raplab.com/, although it would be pretty blatant to suggest it's "the answer."

But I'm going to take the high road and say, whatever the reason, more transparency and a spotlight on this issue is not a bad thing. This is a bold move (September) and a bold proclamation, with industry-wide implications. It reminds me of GIA's introduction of their cut grade for round brilliants: Regardless of motivation - and even with shortcomings - that move unarguably impacted global cut-quality for the better.

Last night I created a synopsis with time-indexes for some of my pro colleagues. Here it is in a separate thread.
https://www.pricescope.com/community/threads/rapaport-honest-diamonds-video-quick-synopsis.207847/

 

[Texas Leaguer]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

There's no doubt that Rapaport would benefit from tighter grading standards, both in price-setting clarity and reliability on Rapnet. And of course there's this, http://www.raplab.com/, although it would be pretty blatant to suggest it's "the answer."

But I'm going to take the high road and say, whatever the reason, more transparency and a spotlight on this issue is not a bad thing. This is a bold move (September) and a bold proclamation, with industry-wide implications. It reminds me of GIA's introduction of their cut grade for round brilliants: Regardless of motivation - and even with shortcomings - that move unarguably impacted global cut-quality for the better.

Last night I created a synopsis with time-indexes for some of my pro colleagues. Here it is in a separate thread.
https://www.pricescope.com/community/threads/rapaport-honest-diamonds-video-quick-synopsis.207847/

I agree. I will take the high road too, especially since that is the road John is on.

It is impressive that Rappaport has accompanied his masterstroke with a follow up calling for further action to nail the issue down. I think this kind of follow through is important so that the industry does not find "workarounds" that enable the status quo to persist. Perhaps this will encourage the holdouts to step up and take similar actions.

Overgrading hurts EVERYONE. The consumer, the honest jeweler, and the industry as a whole. The concept that most consumers get what they pay for in EGL and are therefore not really being harmed does not resonate with me. Consumers want to understand exactly what it is they are buying. If they have that confidence they will feel comfortable buying more. If some entity takes it upon themselves to corrupt a known standard, a whole industry suffers along with the consumer.

My only regret in this matter is that EGL USA is getting a severe penalty despite doing what appears to be a reasonably good job of staying within acceptable range of GIA grading, according to some surveys that rap themselves did some time back. Not to mention they have taken legal action over the years to try to distance themselves from the EGL international labs. Hopefully they will come through this and be able to continue serving the market.

 

[Rockdiamond]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

Bryan- I hope my post was not construed as somehow justifying the bad behavior of the bad guys.
I was only questioning how consumers who were misled could recover- which is a can of worms this will surely open.

About over grading hurting EVERYONE- I don't see it that way, but actually worse.
Readers of this forum, and other educated buyers who don't even read PS ( they actually do exist are far less likely to fall prey.
Unfortunately this scam hurts the more vulnerable, and less educated people

 

[dollyanjuli]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

The only EGL I've ever sold was a 1ct pear, graded J/SI1. In reality, it was really an O/SI2 or thereabouts, but it was eye-clean and the customer loved it and it was the only stone available within their budget.

The trade is very efficient at adjusting the price of EGL (and every other certified stone) to its true value. I also suspect those buying EGL certed stones aren't "clued up" about diamond grading and the 4Cs, but simply want a stone that looks good to their eye.

I'm sure Mr Rapaport has good intentions, I think it's a bit unfair to single out one lab (or group of labs) for overgrading, especially when it is entirely possible that those that regularly deal with EGL certed stones *may* be providing better value than GIA certed stones.

FWIW, I think GIA should have patented their grading systems so no other lab could have used them. This would have avoided this problem. AGS has their own scale, so do HRD (IDC). I don't see why other labs can't develop their own scales, especially in a more consumer oriented fashion.

I don't think Martin Rapaport would have blown this matter up if every single jeweler in the trade is blatantly honest about EGL diamonds and "adjusts" the value of the diamond to reflect a fair value and price the consumer should be paying. Unfortunately in real life, most jewelers do take advantage of consumers who don't know better.

This is the point that strikes me most-

To give context I went to NYC to look for my upgrade stone, and purchased from a very reputable dealer known on pricescope. He showed me GIA Stones in the H-I-J SI1 range and EGL stones in the F-G-H VS1 range, and had them priced for all intents and purposes fairly equally. There was a stone that was EGL graded that was pleasing to my eye ( I knew the color grade was not an F, more like an I or J) but he had it priced as if it was an I or J, and I felt that was fair. Again it would be much better if most jewelers were honest about the difference like this person was, but getting back to the point- does this mean every EGL stone is going to be sent to GIA or AGS for regrading? Or is it just the jewelers are going to be held more liable to disclosing what the GIA "true" grading would be, which is what happened in my situation?

 

[diagem]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

There's no doubt that Rapaport would benefit from tighter grading standards, both in price-setting clarity and reliability on Rapnet. And of course there's this, http://www.raplab.com/, although it would be pretty blatant to suggest it's "the answer."

But I'm going to take the high road and say, whatever the reason, more transparency and a spotlight on this issue is not a bad thing. This is a bold move (September) and a bold proclamation, with industry-wide implications. It reminds me of GIA's introduction of their cut grade for round brilliants: Regardless of motivation - and even with shortcomings - that move unarguably impacted global cut-quality for the better.

Last night I created a synopsis with time-indexes for some of my pro colleagues. Here it is in a separate thread.
https://www.pricescope.com/community/threads/rapaport-honest-diamonds-video-quick-synopsis.207847/

I agree. I will take the high road too, especially since that is the road John is on.

It is impressive that Rappaport has accompanied his masterstroke with a follow up calling for further action to nail the issue down. I think this kind of follow through is important so that the industry does not find "workarounds" that enable the status quo to persist. Perhaps this will encourage the holdouts to step up and take similar actions.

Overgrading hurts EVERYONE. The consumer, the honest jeweler, and the industry as a whole. The concept that most consumers get what they pay for in EGL and are therefore not really being harmed does not resonate with me. Consumers want to understand exactly what it is they are buying. If they have that confidence they will feel comfortable buying more. If some entity takes it upon themselves to corrupt a known standard, a whole industry suffers along with the consumer.

My only regret in this matter is that EGL USA is getting a severe penalty despite doing what appears to be a reasonably good job of staying within acceptable range of GIA grading, according to some surveys that rap themselves did some time back. Not to mention they have taken legal action over the years to try to distance themselves from the EGL international labs. Hopefully they will come through this and be able to continue serving the market.

Not sure I am with you on this one Bryan..., it's time to face to genuine music!! We all know EGL USA might perhaps be more reliable than other EGL's but they are not within GIA subjective standards!!

If we finally came to a conclusion Rapaports decision is welcomed then ALL labs who are more forgiving in their grading should be called on their practices as well .., EGL USA is no exception, and then some....

 

[Texas Leaguer]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

The only EGL I've ever sold was a 1ct pear, graded J/SI1. In reality, it was really an O/SI2 or thereabouts, but it was eye-clean and the customer loved it and it was the only stone available within their budget.

The trade is very efficient at adjusting the price of EGL (and every other certified stone) to its true value. I also suspect those buying EGL certed stones aren't "clued up" about diamond grading and the 4Cs, but simply want a stone that looks good to their eye.

I'm sure Mr Rapaport has good intentions, I think it's a bit unfair to single out one lab (or group of labs) for overgrading, especially when it is entirely possible that those that regularly deal with EGL certed stones *may* be providing better value than GIA certed stones.

FWIW, I think GIA should have patented their grading systems so no other lab could have used them. This would have avoided this problem. AGS has their own scale, so do HRD (IDC). I don't see why other labs can't develop their own scales, especially in a more consumer oriented fashion.

I don't think Martin Rapaport would have blown this matter up if every single jeweler in the trade is blatantly honest about EGL diamonds and "adjusts" the value of the diamond to reflect a fair value and price the consumer should be paying. Unfortunately in real life, most jewelers do take advantage of consumers who don't know better.

This is the point that strikes me most-

To give context I went to NYC to look for my upgrade stone, and purchased from a very reputable dealer known on pricescope. He showed me GIA Stones in the H-I-J SI1 range and EGL stones in the F-G-H VS1 range, and had them priced for all intents and purposes fairly equally. There was a stone that was EGL graded that was pleasing to my eye ( I knew the color grade was not an F, more like an I or J) but he had it priced as if it was an I or J, and I felt that was fair. Again it would be much better if most jewelers were honest about the difference like this person was, but getting back to the point- does this mean every EGL stone is going to be sent to GIA or AGS for regrading? Or is it just the jewelers are going to be held more liable to disclosing what the GIA "true" grading would be, which is what happened in my situation?

This is a very good question. And given the huge number of EGL stones in the market, how it plays out will have big implications for many industry players. No doubt some of these stones will be re-graded. Many will be sold as non-certs, mounted in jewelry and marketed in other ways. However, the consumer market for loose diamonds of significant size today is much more built around lab certification than ever before. So there will be an expectation on the part of the consumer that the diamonds they buy will come with a cert. And now, we are one step closer to all of those diamonds having reports that show their true quality. Therefore, as you see some percentage of these stones being re-graded, there will be more lower quality stones being traded. I think you can expect to see merchants unloading EGL goods with aggressive pricing. This could be good for consumers in the short run. It will also be good for quality labs who will capture more of this re-grade business as well an ongoing business in the long run. And good for the health of the industry for the future.

 

[Texas Leaguer]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

There's no doubt that Rapaport would benefit from tighter grading standards, both in price-setting clarity and reliability on Rapnet. And of course there's this, http://www.raplab.com/, although it would be pretty blatant to suggest it's "the answer."

But I'm going to take the high road and say, whatever the reason, more transparency and a spotlight on this issue is not a bad thing. This is a bold move (September) and a bold proclamation, with industry-wide implications. It reminds me of GIA's introduction of their cut grade for round brilliants: Regardless of motivation - and even with shortcomings - that move unarguably impacted global cut-quality for the better.

Last night I created a synopsis with time-indexes for some of my pro colleagues. Here it is in a separate thread.
https://www.pricescope.com/community/threads/rapaport-honest-diamonds-video-quick-synopsis.207847/

I agree. I will take the high road too, especially since that is the road John is on.

It is impressive that Rappaport has accompanied his masterstroke with a follow up calling for further action to nail the issue down. I think this kind of follow through is important so that the industry does not find "workarounds" that enable the status quo to persist. Perhaps this will encourage the holdouts to step up and take similar actions.

Overgrading hurts EVERYONE. The consumer, the honest jeweler, and the industry as a whole. The concept that most consumers get what they pay for in EGL and are therefore not really being harmed does not resonate with me. Consumers want to understand exactly what it is they are buying. If they have that confidence they will feel comfortable buying more. If some entity takes it upon themselves to corrupt a known standard, a whole industry suffers along with the consumer.

My only regret in this matter is that EGL USA is getting a severe penalty despite doing what appears to be a reasonably good job of staying within acceptable range of GIA grading, according to some surveys that rap themselves did some time back. Not to mention they have taken legal action over the years to try to distance themselves from the EGL international labs. Hopefully they will come through this and be able to continue serving the market.

Not sure I am with you on this one Bryan..., it's time to face to genuine music!! We all know EGL USA might perhaps be more reliable than other EGL's but they are not within GIA subjective standards!!

If we finally came to a conclusion Rapaports decision is welcomed then ALL labs who are more forgiving in their grading should be called on their practices as well .., EGL USA is no exception, and then some....

Yoram,
I am not an apologist for anyone playing loose with grading. However, I am an advocate for fairness and I am reluctant to say 'off with their heads" because they share a common acronym. The survey that Rapport did a year or so ago showed that EGL USA was in the ballpark with other top tier labs in terms of grading accuracy, whereas the other EGL labs where way out of line.
I think the fact that GIA is getting overwhelmed with business is a sign that we need more good labs. And EGL USA employs many good and competent people that can serve the industry well.

This will be a wakeup call to all in the industry that they better tighten up their grading game. I like the firm approach being taken but let's make sure that we are not punishing the innocent (and in turn ourselves) with an overly broad reaction.

 

[denverappraiser]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

EGL-USA is a very well equipped lab with some highly skilled gemologists. The problem is a conflicted business model. A name change and a clarifying of the business model is probably in order. They're in a tricky position. They've been part of the EGL brand for a long long time and even with all of their troubles from EGL-international, it's tough to give up that much brand history.

 

[Garry H (Cut Nut)]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

EGL-USA is a very well equipped lab with some highly skilled gemologists. The problem is a conflicted business model. A name change and a clarifying of the business model is probably in order. They're in a tricky position. They've been part of the EGL brand for a long long time and even with all of their troubles from EGL-international, it's tough to give up that much brand history.

They should have changed their name long long ago Niel!
PS they have closed just their Canadian labs I believe

 

[diagem]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

EGL-USA is a very well equipped lab with some highly skilled gemologists. The problem is a conflicted business model. A name change and a clarifying of the business model is probably in order. They're in a tricky position. They've been part of the EGL brand for a long long time and even with all of their troubles from EGL-international, it's tough to give up that much brand history.

EGL USA might be well equipped to be considered a first tier lab but we all know they are not considered first tier.
A one carat (for example) G-VS1 EGL USA will not command a similar value as a one carat G VS1 GIA.
I agree with Bryan that it may be the chance for second tier Labs to tighten up their practices.
It will only do good for the industry and at the same time for themselves.

I really believe its time for this industry to straighten out their old primitive practices and move on into the 21st Century.

 

[Texas Leaguer]

Re: Rapaport Honest Grading calls to end (EGL Int) overgradi

EGL-USA is a very well equipped lab with some highly skilled gemologists. The problem is a conflicted business model. A name change and a clarifying of the business model is probably in order. They're in a tricky position. They've been part of the EGL brand for a long long time and even with all of their troubles from EGL-international, it's tough to give up that much brand history.

EGL-USA is a very well equipped lab with some highly skilled gemologists. The problem is a conflicted business model. A name change and a clarifying of the business model is probably in order. They're in a tricky position. They've been part of the EGL brand for a long long time and even with all of their troubles from EGL-international, it's tough to give up that much brand history.

No doubt it's a tricky situation. I am sure it is not a fun time for those folks and I feel for them. It is tough to give up brand identity, but it may be they have no choice under the circumstances (pure speculation). And maybe the best thing that could happen to them in the long run is to get a fresh start.

Just for the record we do not deal in EGL diamonds and have not for years. My position is based on the fact that in some ways the reaction does not seem measured enough. Almost like a mob mentality where innocent people are being swept up along with the offenders.