"Throughout the diamond pipeline, the time has come to "expose" rather than quietly "acquiesce". If a jeweler did something wrong, let the courts decide. If someone committed a fraud, let him go to jail. Consumers will have far more confidence in those jewelers that prove their trust and integrity by standing up - rather than "giving in." In many instances, the retailer is a victim of his or her diamond supplier. Let them become accountable as well."
Chaim Even-Zohar, industry expert - Diamond Intelligence Briefing
In an elaborate investigative piece that is clearly stirring up much debate, JCK News Director Rob Bates dives into yet another episode of the EGL overgrading saga, and wonders if overgrading lawsuits have become overkill. Nashville law firm Cummings Manookian recently launched an aggressive flyer and online campaign against a handful of small jewelry retailers – and in some cases their personnel - in the U.S., seemingly aimed at recruiting dissatisfied customers in their crusade against overgrading by the former EGL International diamond grading lab.
An American business site reports that two Maryland residents are suing a firm called Mervis Diamond Importers for allegedly selling them diamonds that were overgraded. CEO Ronnie Mervis said he hasn't read the suits yet and could not comment on them specifically. But in a statement posted on the Mervis website before the lawsuits were filed, Mervis offers a video with a personal message addressing the accusations and dismissing the questions as a “smear campaign.” “Recently, we’ve been challenged and harassed by a group from out of state making wild allegations,” he said in the video.
A court battle between EGL USA and the global European Gemological Laboratory network that has lasted for 11 years has ended with both sides losing, according to a report in JCK. The court case began in 2004 with the European Gemological Laboratory network and EGL founder Guy Margel, who died in 2012, filing suit against EGL USA in February 2004, claiming breach of contract related to royalties stemming from the two sides’ 1986 licensing agreement.
Evert P. Botha writes in Jewellery Business Magazine that Canada's currency woes - the loonie has depreciated over 20% against the U.S. dollar since July 2014, nearing an 11-year low - and the effective banishment of European Gemological Laboratory (EGL) International as a result of overgrading practices has led to "a new kind of normal" regarding diamond prices in Canada.
European Gemological Laboratory (EGL) operations outside of North America will adopt a unified grading standard to restore the reputation of the lab's grading reports, the company announced on Monday.
The National Jeweler reports EGL USA is now issuing grading reports under the GHI brand name as it continues to work to distance itself from the EGL International brand, which has been damaged by accusations of over-grading. EGL USA is not affiliated with EGL International, and has been waiting in vain for a federal court to rule in favor of blocking entry of EGL reports into the United States, EGL USA executive manager Jakubovic commented in an interview with the National Jeweler. Jakubovic added the removal of all EGL certificates from Rapnet "was a big issue" for EGL USA.