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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.
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