One of the claims, in which the retailer from Nashville Genesis Diamonds was accused of selling diamonds certified by the gemmological laboratory of EGL International with overstated quality characteristics, was settled. Thus, in relation to the company, three other proceedings remain open, nationaljeweler.com reports.
The settled proceedings were opened after the request of the customer Genesis Diamonds, which purchased from the retailer a diamond of 2.06 carats. According to the certificate of the EGL International laboratory, the color of the stone was categorized as G, and the purity of the stone was assigned to VS2. However, according to experts of the Gemological Institute of America (Gemological Institute of America), the stone was of lower quality - J and SI2 respectively - and therefore cost twice cheaper than it was purchased by the buyer.
Attorney Eli Richardson (Eli Richardson), representing the interests of the retailer, said that the proceedings were closed on terms that "satisfied both sides."
He added that the claims were groundless, valuation of diamonds - a subjective process, and the plaintiff acquired a stone at a fair price.
The leading international professional diamond trade network, RapNet, decided to exclude from its database the stones evaluated by the gemological laboratories of EGL International. The reason for the decision were reports that laboratory experts overestimate such indicators of stone quality as color and purity.