This article, by Martin Rapaport, exposes the myriad of problems that have arisen from the misrepresentation of diamond grades, and states his request to the Federal Trade Commission to standardize diamond grading terminology.
The article explores the following topics:
- An explanation of the GIA terminology established in 1931 to describe the color and clarity of diamonds.
- A discussion of the main issues that have been plaguing the industry over recent years:
- A number of diamond grading laboratories have been issuing diamond grading reports using GIA grading terminology to significantly overstate the color and clarity of diamonds.
- An honest jeweler selling a legitimate, honestly graded diamond, must charge a significantly higher price than a dishonest jeweler who is offering the consumer an overgraded color. What is the jeweler to do?
- An appeal to the Federal Trade Commission (FTC) to make changes and/or additions to the FTC Jewelry Guides, and what those changes should be.
- A call to action for members of the diamond trade to communicate directly with the FTC regarding misrepresentation of diamond quality.
Download the article now!