IDMA Concerned about Over-grading Diamonds

Antwerp: Maxim Shkadov, President of the International Diamond Manufacturers Association (IDMA) said in an appeal distributed by IDMA that his organization expressed grave concern following the article published by Rapaport on over-grading of polished diamonds.

In his article, “Honest Grading” posted last month and emailed to more than 77,000 diamond industry stakeholders, Martin Rapaport disclosed the over-grading of at least 100,000 diamonds to the tune of $ 1 billion. According to the article, the main source of over-graded diamonds was EGL, using the Gemological Institute of America (GIA) grading terminology, while applying alternative standards resulting in over-graded diamonds.

The IDMA appeal says, “We cannot lose the confidence of customers buying diamonds. Any foul play with diamond certificates in the market is impermissible. Diamond grading laboratories should independently certify diamonds to confirm their characteristics to buyers.”

“Any falsification should be thoroughly investigated and dishonest “confidence tricksters” in certification brought to criminal prosecution,” Maxim Shkadov said in the appeal. “Diamonds should not become the subject of unfair speculation. If such incidents arise, we suggest that people should immediately contact the police to start thorough investigation.”