Grading Standards of EGL International lead to legal drama

Grading Standards of EGL International lead to legal drama

Category:

Diamonds

The grading standards of the European Gemological Laboratory (EGL) International have been a subject of controversy within the diamond industry for many years. There is a general consensus that the grading standards of the EGL International are not comparable to the grading standards of the AGS or GIA gemological laboratories. The debate reached terminal velocity in October 1, 2014 when the dealer network RapNet banned EGL graded diamonds from being traded on their network.

“Too much confusion and inconsistency in the EGL reports, which often fall below the global standard of diamond grading set by the Gemological Institute of America (GIA), was the main reason Rapaport gave for banning EGL from the online network.” states the article.

EGL over graded diamonds lawsuit, image by Cummings ManookianNow it seems that there is a new twist to the legal drama that revolves around the sale of EGL graded diamonds. The law firm of Cummings Manookian has embarked on a series of campaigns targeting some of the high profile retail jewelers who sell diamonds graded by the EGL. This image is from the home page of the web site promoting the lawsuit. Not surprisingly, some of the jewelers targeted by the lawsuit are fighting tooth and nail to save their reputation. Online responses published by Mervis Diamond and Diamond Doctor clearly state that the action is nothing more than an extortion attempt.

They also point out that Brian Manookian is a convicted criminal, which certainly adds to the drama. Regardless of how all of this unfolds, the issue over the alleged grading standards of Top Tier and Second Tier gemological laboratories needs to be addressed. Regardless of how all this turns out, one thing is for certain. High Performance Diamonds stands behind every Crafted by Infinity that they sell with a Lifetime Trade-up and Buy Back Guarantee. That’s how certain they are about the quality of CBI Diamonds.

Read the Full Story the Washington Business Journal

Photo credit: Cummings Manookian

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