Rapaport Rapaport Chairman Martin Rapaport called on the jewelry industry to stop those who sell diamonds with high quality characteristics to consumers and thus deceive buyers.
Rapaport writes in his complex article entitled "Honest Grading" that over 100 thousand stones were valued at a total cost of $ 1 billion.
The main source of overestimated diamonds in an article sent to over 77,000 participants in the diamond industry, called the international gemmological laboratory EGL, using the terminology of the Gemological Institute of America (GIA), but applying other standards that lead to overstating the characteristics of diamonds.
The head of the Rapaport group pointed out that the statement of this laboratory about the absence of a single international classification of diamonds is false and urged suppliers to return money to customers if a re-evaluation of diamonds by the Gemological Institute of America reveals lower color and purity characteristics than those stated in the sale.
"The overvaluation of diamonds is a legal and ethical issue that casts doubt on the legitimacy of the diamond and jewelry industry, consumers should be warned about dubious evaluation certificates of diamonds sold by them, and suppliers should be responsible for the quality of diamonds they sell," Martin Rapaport said.
"The diamond industry should prioritize the protection of consumers above the receipt of profits," he stressed.