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RapNet Trade Notice Regarding EGL Grading Reports

Sep 9, 2014 6:23 AM   By Rapaport
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RapNet Trade Notice: September 9, 2014

Effective October 1, 2014, EGL will no longer be listed as a diamond grading report on RapNet. This notice applies to all EGL grading reports including EGL International as stated in our previous notice.

Background Statement:

RapNet is concerned about the misrepresentation of diamond quality through the abuse of the GIA grading standard. We oppose the misuse of GIA terminology by applying alternative grading standards that overstate the quality of diamonds. We support the GIA standards as defined by the GIA grading laboratory in their diamond grading reports.

RapNet recognizes that some EGL grading reports are more consistent with GIA grading standards than others. In our opinion, there is confusion and inconsistency among the various EGL grading reports and we have therefore decided not to list any EGL grading reports on RapNet.

RapNet recognizes that GIA and other laboratory diamond grading is based on human evaluation and is therefore subjective. We recognize that a difference of one color and one clarity between diamond grading reports from the same or different laboratories is within a reasonable tolerance range. We reject the idea that there is no diamond grading standard and caution RapNet members not to use GIA grading terminology to describe diamonds that are below a reasonable tolerance range of the GIA standard.

RapNet members using GIA terminology are required to honestly communicate diamond quality based on the GIA standard.

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