Great example of how different grading labs produce very different grades on the same diamond and how it impacts the price you should pay... and this time a jeweler in Tennessee is being sued over it.

A customer buys a diamond and ring from a jeweler in Tennessee. EGL International diamond grade 2.06 Ct G VS2. The jeweler tells customer throughout the sales process that the EGL grade is just as good as a GIA grade. After the sale, the customer has the diamond graded by GIA. The GIA diamond grade is 2.06 Ct J SI1 - that's 3 color grades and 1 clarity grade lower than the EGL grade. Customer paid almost $18,000 for the diamond and about $21,000 for diamond and setting based on the EGL grade. The jeweler appraised the ring for $27,500 (customer paid just over $21,000). The diamond is valued at about $16,000 using the GIA diamond grade so they paid over $2,000 more than the diamond is actually worth and the jeweler's appraisal is at least $8,000 too high. These are the types of "games" that some jewelers play (this one is being sued over it). Imagine the risk people take by buying a diamond on the internet based on just the diamond certificate! All we can say is make sure you use a jeweler you can trust.

Read the entire article here.