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From today's JCK newsfeed:
The Polygon trading network will no longer list diamonds with European Gemological Laboratory (EGL) International reports on its service—although another platform, IDEX, says EGL reports remain welcome.
The announcements come in the wake of trading network RapNet’s decision to ban all EGL reports.
“We have been closely following the current discussions regarding EGL International, both on and off of Polygon,” said a note from Polygon senior director Lindsay Watkin. ”The general consensus in the industry does not support the trade of these stones based on EGL International grading reports.”
As of Sept. 17, Polygon will remove all EGL International listings from the Certified Diamond Database and restrict the sale of EGL International goods on the Buy/Sell channels, Watkin announced.
Watkin says member reaction has been “overwhelmingly positive.”
“The majority see this as a positive and needed move, and we are supporting the direction the industry is taking,” she says. “Most feel that in order for reforms to happen downstream, they need to happen upstream first.”
However, in an article posted on its site today, trading network IDEX Online said that it will continue to list EGL reports, as long as there are no legal restrictions against them.
Dealer MID House of Diamonds, meanwhile, sent out a mass email to its consumers of EGL reports, saying it will continue to stock diamonds carrying them.
“Over 500 million dollars gets consumed each year with [EGL reports] and that will not just dissipate,” the email said. “The consumers need to be given a choice on what they want and can afford. It is our job to clarify exactly what they are buying, and if it meets their expectations, then it is their choice to purchase it.”
EGL International did not return a request from JCK for comment. The lab has been criticized by Nashville, Tenn., news station WSMV, which aired a series of stories criticizing local jeweler Genesis Diamonds for carrying its reports. That report spurred a class-action lawsuit.
EGL South Africa has said it was “disappointed” with the RapNet ban, which involves all EGLs. It argued all the labs should not be grouped together.
The Polygon trading network will no longer list diamonds with European Gemological Laboratory (EGL) International reports on its service—although another platform, IDEX, says EGL reports remain welcome.
The announcements come in the wake of trading network RapNet’s decision to ban all EGL reports.
“We have been closely following the current discussions regarding EGL International, both on and off of Polygon,” said a note from Polygon senior director Lindsay Watkin. ”The general consensus in the industry does not support the trade of these stones based on EGL International grading reports.”
As of Sept. 17, Polygon will remove all EGL International listings from the Certified Diamond Database and restrict the sale of EGL International goods on the Buy/Sell channels, Watkin announced.
Watkin says member reaction has been “overwhelmingly positive.”
“The majority see this as a positive and needed move, and we are supporting the direction the industry is taking,” she says. “Most feel that in order for reforms to happen downstream, they need to happen upstream first.”
However, in an article posted on its site today, trading network IDEX Online said that it will continue to list EGL reports, as long as there are no legal restrictions against them.
Dealer MID House of Diamonds, meanwhile, sent out a mass email to its consumers of EGL reports, saying it will continue to stock diamonds carrying them.
“Over 500 million dollars gets consumed each year with [EGL reports] and that will not just dissipate,” the email said. “The consumers need to be given a choice on what they want and can afford. It is our job to clarify exactly what they are buying, and if it meets their expectations, then it is their choice to purchase it.”
EGL International did not return a request from JCK for comment. The lab has been criticized by Nashville, Tenn., news station WSMV, which aired a series of stories criticizing local jeweler Genesis Diamonds for carrying its reports. That report spurred a class-action lawsuit.
EGL South Africa has said it was “disappointed” with the RapNet ban, which involves all EGLs. It argued all the labs should not be grouped together.
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