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IDE Arbitrators to Weigh Cases Involving 424 Canceled GIA Grading Reports
Jun 9, 2015 9:07 AM
By Ronen Shnidman
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RAPAPORT... The Israel Diamond Exchange (IDE) will appoint a special panel of arbitrators to hear cases regarding the sale of diamonds determined by the Gemological Institute of America (GIA) to have undergone undisclosed color treatment.
Shmuel Schnitzer, IDE's president, explained in an announcement made at the end of last week that the bourse decided it would enable arbitration hearings to restore business confidence and given the lack of any significant updates in the GIA's investigation.
The GIA issued a laboratory alert on May 12 recalling 424 diamond grading reports for diamonds suspected of having undergone a temporary, undisclosed color treatment. The GIA voided those reports and offered to re-grade any of the stones in question free of charge. Subsequently, the IDE banned members from trading the stones using the old GIA reports. However, no clear decision was made as to possible restitution for diamond buyers who purchased the stones before GIA canceled the original grading reports.
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Tags:
arbitration, color treatment, GIA, Ronen Shnidman
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