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Rapaport Trade Alert: GIA Recalls 424 Grading Reports

May 12, 2015 4:55 PM   By Rapaport
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RAPAPORT... May 12, 2015…The Gemological Institute of America (GIA) has issued a laboratory alert recalling 424 diamond grading reports. The diamonds were treated with a process that temporarily improved their color by up to three grades. A full list of the grading report numbers and the companies that submitted the diamonds to GIA are listed in the link below as part of the GIA alert.

The GIA has “terminated submissions” from the following clients who submitted treated diamonds without disclosure:  LYE Diamonds, E.G.S.D. Diamonds, Abramov Romok and Yair Matatov. Pending further investigation, RapNet and the Rapaport Group has suspended service to these companies and to the following individuals who are believed to be associated with the companies: Nati Yizrov, Gavriel Yelizarov and Yair Matatov. RapNet will also delist all diamonds with recalled grading reports and will be contacting those listing such stones for sale.

Members of the trade that have access to such reports are asked to urgently email us at GIA@Diamonds.Net. If the reports are in their possession they should cut them in half. The diamonds and the canceled reports may be sent to GIA for expedited free re-grading service. They may also be delivered to Rapaport offices in Israel, India and Belgium for this free service.

Buyers should be careful not to buy these diamonds based on the GIA grading reports and sellers should not sell the diamonds with these grading reports. The best course of action is to cut the canceled grading reports in half and return the diamond to the supplier against a full refund. If any RapNet members have difficulty returning diamonds please email Service@RapNet.com.

Additional information and updates about this Trade Alert will be posted on Diamonds.Net. For the full text of the GIA Laboratory Alert,  grading report numbers and company names, click here

Tags: disclosure, GIA, grading reports, Rapaport, trade alert
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List should be given with full stone details
May 18, 2015 1:15AM    By Chirag S
To easily identify such diamonds, not only cert number but full stone details like size color clarity & cut pol sym with floro should have been given out by GIA. so it is easy to identify the diamonds & return them back to supplier. it is difficult to check each & every stone with cert numbers GIA has provided. Once we know full details diamonds can be easily identified & returned back to GIA/supplier.
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Full Disclosure
May 13, 2015 12:11PM    By Ron Hahamy
Why is Rapaport and GIA listing the names of the companies that submitted these diamonds, but not listing the names of the diamond companies that paid GIA for higher grades? What happened there?
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