Rob Bates: The End of The Diamond Grading Game?

07/07/2015 07:01

Rob Bates, JCK News Director, in his blog argues that the recent announcement by industry associations, saying industry professionals that carry reports that deviate by more than one color grade from the standard GIA scale will be subject to arbitration, could be a game changer. Overgrading has been a widespread trade practice, Bates says, and a dangerous one now that lawyers have announced they are intending to initiate a wider class action, targeting these malpractices. Breaking "the grading game" would be a good thing, Bates concludes, because "As with conflict diamonds, it won’t be pretty if consumers find out."