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E.G.L. Platinum Issues Statement in Response to RapNet Delisting

Sep 29, 2014 12:36 PM   By EGL Platinum
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Press Release: Menahem Sevdermish and Avi Meirom, the founding owners of the EGL Platinum laboratory, have issued the following statement in response to the RapNet and Polygon press releases, respectively, distributed on September 9 and 15, 2014, regarding the delisting of EGL diamond certificates.

EGL Platinum supports RapNet's and Polygon's intentions to sanction any laboratory that issues over-graded certification, undermining consumer confidence in the diamond industry and its certification system. We believe that EGL Platinum has been unintentionally associated with the laboratories suspected of over grading practices and we are committed to working with RapNet, Polygon and similar organizations to ensure the integrity of all listed diamond grading reports.

When EGL's founder, Guy Margel, established the group, he provided all associated laboratories with color master sets and guidelines for diamond grading that meet the European standards. It is important to note that the EGL Platinum laboratory has always complied strictly with the prescribed guidelines.

While it can be legitimately stated that there are nominal differences between the various dominant grading standards currently in use, and that any grading report, which ultimately requires human judgment, may include a minor degree of subjective variance, these factors can in no way explain the difference of three to four grades that reportedly have been recorded on certificates.

Our laboratory was founded as GIPS in 1975, by ourselves and the Israel Precious Stones and Diamonds Exchange. We joined EGL in 1981, after signing a licensing agreement with Margel, upon which we changed our name to the European Gemological Center (EGC). As a member of the group, we have always remained independent, faithful to our gemological standards and our strict ethical code.

In 2011, after becoming concerned about the possibility of over-grading practices by certain of the labs issuing standard EGL certificates, we acted to disassociate ourselves from those organizations, and we began issuing certificates under the EGL Platinum brand, for which we maintained a strict and independent operating protocol and quality assurance system. We would point out that, in establishing EGL Platinum, we did not replace the existing color master set, nor did we adjust our clarity benchmarks.

Over the past three years, many thousands of EGL Platinum grading reports have been issued and we have never been accused of any malpractice in our grading and/or certification.

We proudly and faithfully serve the diamond and gemstone trade in Israel as a primary provider of gemological knowledge and expertise, both through our laboratory and our associated college. Many members of the Israeli trade have gained their knowledge base through our organization.

We shall appeal to both RapNet and Polygon to re-list the EGL Platinum grading reports. As we will demonstrate, EGL Platinum grading reports have always been associated with the principles of professionalism, accuracy and integrity, and we firmly stand behind each one of them.

Menahem Sevdermish, FGA, is an educator, inventor, a leading gemologist and an internationally recognized authority on the processing of gems. In 1996, he published "The Dealer's Book of Gems and Diamonds," a two-volume set that for the first time examined the relationship between the commercial and gemological aspects of gems. In 2004 he invented the Gemewizard color description and communication system for gemstones, which in 2006 was endorsed by GIA for education.

Avi Meirom is a leader of Israel's colored gemstone sector, serving as president of the Israel Precious Stones and Diamonds Exchange for 13 years, and playing a key role in legal structure of the Israel gemstone sector. He initiated the first international conference for colored gemstones, which took place in Israel in 1983 and was a precursor to the establishment of the International Colored Stone Association (ICA), where he served as vice president for three years.

Rapaport News is not responsible for, and does not endorse, the content of any third-party press release. This is not a Rapaport Press Release. It has been provided as additional information for our clients.

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