GIA is discounting some of its diamond grading fees

[MollyMalone]

https://www.gia.edu/gem-lab/laboratory-service-promotions

From now through the end of the year:

• GIA will do updates of any of its diamond grading reports issued since January 1, 2018, for 70% of the usual fee for the original type of service; includes lab-grown and colored diamonds. Usual fee for an updated report is -- depending on the type of report originally issued and when -- 50%, 75% or 80% of charge for original grading service.
• Provide a Diamond Origin Report for the same price as a Diamond Grading Report.

Until October 15, GIA is giving a 10% discount for reports on natural and lab-grown diamonds that are 0.30 - 0.49 ct.

Standard fees (i.e., without any of the promotional discounts) are posted here:
https://www.gia.edu/gem-lab-fee-schedule

@John Pollard ; @Diamond_Hawk ; @Rockdiamond ; @Wink
I'm wondering.... Have a fair number of GiA lab reports issued in the past, almost 2 years been called into question & that's why GIA is offering a discount on Updated reports for those diamonds?

 

[headlight]

WOW... this is VERY interesting!
Would love to know more!
Great find, @MollyMalone!

 

[MollyMalone]

WOW... this is VERY interesting!
Would love to know more!
Great find, @MollyMalone!

Argh, I corrected my original bullet point to reflect the correct 30% discount (or 70% of the original fee) -- not a whopping 70% discount. Apologies for that initial blooper

 

[Blingismything]

I wish we had the chance to do this in the UK. I’d love some of my diamonds graded by GIA.

 

[the_mother_thing]

I'm wondering.... Have a fair number of GiA lab reports issued in the past, almost 2 years been called into question & that's why GIA is offering a discount on Updated reports for those diamonds?

That was my first thought as well; VERY curious to hear what others have to say/think on this.

 

[Rockdiamond]

Hi All!
Molly, I don't believe this is due to inaccuracies in GIA report- although, without a doubt, there's some less than kool stuff going on with the EX cut grade.
In terms of Fancy Colors- which we see more of- it's always been a bit of a crapshoot in terms of consistency- but that has more to do with the difficulties in grading the specific shade, and intensity of color, as opposed colorless diamonds, where the grade identifies the lack of color.
In general, I believe most in the trade grudgingly accept the GIA grade and move on- even if they disagree....in the majority of cases.

For the most part, our experience is that GIA is still remarkably consistent- even over the past few years.

What seems to me to be occurring is a shift in the market. There are far fewer dealers that actually own diamonds- hence much less activity at GIA grading labs. What to do when business slows down- run a sale!

 

[sledge]

Maybe I'm just having an off day @Rockdiamond, but shouldn't GIA labs still be as busy as ever regardless where the diamonds are being purchased? I assume rather it's the cutter, the online vendor or the local vendor -- someone is paying GIA to certify the stone.

However, I guess if the promotion was limited to USA only and the bulk of activity is overseas then that may make more sense.

Not picking on @Wink, as he's one of the coolest cats on this board. CBI cuts stones, but sells through dealers like HPD. I assume CBI bores the expense of the AGS grading. So while Wink may or may not have loads of inventory at his shop, there is no shortage of grading business -- but perhaps the dollars come from a different source (CBI vs HPD).

 

[Rockdiamond]

Hi Sledge!
Here's my take, and it's based on my perspective, which is an inside perspective, but still limited.....
Before the market shift caused by the "behemoths" two main companies which are kind of like Amazon of the diamond biz, the market was substantially different.
Before, cutters purchased rough, cut it and sold to dealers- much of it was sold "uncertified".....so if 100cts came off the wheel, 80cts of it was quickly sold, and dealers would submit stones to GIA. The dealers acted like a "sponge" absorbing a large percentage of the production.
Today, the dealer/wholesaler has been virtually eliminated.
The cutters hold the inventory till it's sold on one of the large sites. It's created a logjam...less diamonds being cut and or offered to the market. Less stones going to GIA.....

 

[headlight]

Hi All!
Molly, I don't believe this is due to inaccuracies in GIA report- although, without a doubt, there's some less than kool stuff going on with the EX cut grade.
In terms of Fancy Colors- which we see more of- it's always been a bit of a crapshoot in terms of consistency- but that has more to do with the difficulties in grading the specific shade, and intensity of color, as opposed colorless diamonds, where the grade identifies the lack of color.
In general, I believe most in the trade grudgingly accept the GIA grade and move on- even if they disagree....in the majority of cases.

For the most part, our experience is that GIA is still remarkably consistent- even over the past few years.

What seems to me to be occurring is a shift in the market. There are far fewer dealers that actually own diamonds- hence much less activity at GIA grading labs. What to do when business slows down- run a sale!

@Rockdiamond when you say without a doubt there's some less than kool stuff going on with the EX cut grade... what are you referring to? Thank you

 

[Rockdiamond]

@Rockdiamond when you say without a doubt there's some less than kool stuff going on with the EX cut grade... what are you referring to? Thank you

Cutters have learned how to play the GIA EX cut grade like a violin. So we now see many super deep round diamonds (over 63% depth) achieving GIE EX. Pity.

 

[headlight]

Cutters have learned how to play the GIA EX cut grade like a violin. So we now see many super deep round diamonds (over 63% depth) achieving GIE EX. Pity.

That’s what I was afraid you were referring to. Over 63... that’s even deeper than mine (62.9)!!!
Interesting, given 63 is the farthest parameter to still qualify as EX... So they are actually awarding EX to stones that don’t even make it within the parameters!
I thought the criticism with the GIA Cut Grading System was because their parameters are too broad... I hadn’t realized that they are awarding stones with EX that go BEYOND those (broad) boundaries! Yikes.
This co-dependent relationship between GIA and cutters is ironic given GIA prides themselves on being objective as well as their protocols to ensure anonymity when a stone arrives at the Lab, etc.
Talk about conflict of interest.
When are they going to be called out for the elephant in the room? Answer: Never!... because they are the global industry standard and if they fail all hell breaks loose. Stones won’t be worth the GIA report they’re printed on. And then what? So I guess things will be “business as usual”. We will carry on the charade, and consumers (like myself) will continue to be misled by reports issued by the industry’s gold standard, even though in many cases the rock on their finger is not that at all. Shameful, really.

 

[John P]

Hi @MollyMalone . I realize I am late to reply.

What to do when business slows down- run a sale!

Right. If new business isn't what they expected the updates can keep more graders busy. And it they added too many seasonal graders around the globe, in anticipation of the 2019 holiday season, the timing makes sense.

On the demand side I wonder if the presence of synthetic-diamonds has cut into their business. The big picture stats don't support that, but it's possible stores are waiting for firmer commitment before calling in natural memo.

 

[MollyMalone]

@Rockdiamond & @John Pollard -- Thank you for your replies, much appreciated!