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Egl Ny


msg036
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Hey all,

 

IS EGL NY certification ok? dealer says the stone is an E color SI1 or SI2 I dont remember, but says that it is a great looking stone and wouldnt have bought it if it wasnt so nice. Says its 1.11 carat. I know alot of factors determine price, but any idea what something like this would go for? And is the EGL ok?

 

Thanks

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EGL is GREAT- for dealers who have stones that GIA graded I1- then the dealer can submit them to EGl and their I1 magically becomes an SI2

 

For consumers?

Not so good......

 

EGL-USA is also great because it's a little cheaper, let's say $30 cheaper... On a 1/2ct diamond that's a big deal and it adds a lot to the cost percentage wise for dealers that do big volume. On a 2ct that cost is nothing and you have to question the motives who would send a 2ct to EGL-USA. On a 1 ct diamond or greater have your jeweler put the diamond grade in writing and back it up with some sort of gaurantee you're comfortable with. But I would recommend consumers get that for any diamond purchase anyways. Even GIA gets it wrong once in a blue moon. When you're only buying one diamond, why take a chance there is an error in the grading, whether it be a 90% change in a fishy lab report or 3% chance at say GIA? Have your jeweler stand behind the grading regardless of the paper.

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EGL is GREAT- for dealers who have stones that GIA graded I1- then the dealer can submit them to EGl and their I1 magically becomes an SI2

 

For consumers?

Not so good......

 

EGL-USA is also great because it's a little cheaper, let's say $30 cheaper... On a 1/2ct diamond that's a big deal and it adds a lot to the cost percentage wise for dealers that do big volume. On a 2ct that cost is nothing and you have to question the motives who would send a 2ct to EGL-USA. On a 1 ct diamond or greater have your jeweler put the diamond grade in writing and back it up with some sort of gaurantee you're comfortable with. But I would recommend consumers get that for any diamond purchase anyways. Even GIA gets it wrong once in a blue moon. When you're only buying one diamond, why take a chance there is an error in the grading, whether it be a 90% change in a fishy lab report or 3% chance at say GIA? Have your jeweler stand behind the grading regardless of the paper.

 

 

Yosef- how many dealers hawking stones with non GIA reports are honestly saying why they do it?

A minuscule percentage.

 

It's true that the cost of a GIA full report is greater, but what about the GIA Diamond Dossier?

A half carat stone is $49- plus shipping.

Still, the problem I see is that dealers - if they are at all savvy - understand the difference, and it seems like very few explain it to the buyers.

 

 

Your suggestion about having a dealer "guarantee" the grade seems to ignore the realities of diamond grading.

GIA might call a diamond SI1 on one day, and VS2 on another. On neither day are they wrong. The fact is that diamond grading is subjective.

Could that same VS2-SI1 stone get SI2, or VS1, on a different day?

Highly unlikely, if we're talking about experienced graders familiar with GIA's grading system. it's not that subjective.

 

The point is, no one can guarantee, what GIA will say.

A seller could guarantee that if someone buys the stone, sends it to GIA and receives a grade different from the what the seller claims can get their money back.

But that's generally not what sellers of stones with non GIA reports are looking to do.

 

There's nothing inherently wrong with a diamond simply because it has an EGL report.

Say we're talking about a 1.00ct diamond for $3000.

If the buyer has seen the diamond, and is comfortable with the seller, there's nothing wrong with it having an EGL report.

Say we're talking about a $6000 one carat stone. GIA, AGS, or the highway.

 

I would discourage folks from buying a diamond with an EGL report for the purpose of submitting to GIA.

Generally, that's not going to make the diamond more valuable.

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Yosef- how many dealers hawking stones with non GIA reports are honestly saying why they do it?

A minuscule percentage.

Yes you're right.

 

The point is, no one can guarantee, what GIA will say.

A seller could guarantee that if someone buys the stone, sends it to GIA and receives a grade different from the what the seller claims can get their money back.

But that's generally not what sellers of stones with non GIA reports are looking to do.

Well, I do. It's a shame more sellers don't. I guarantee the grading of every single diamond I sell so customers never have to worry about it again. I'll either replace the diamond with another of the gauranteed quality I sold, or give them a full refund. I think all diamond dealers should put their money where their mouth is. When I bring in a diamond, I carefully examine it, give my opinion of what the grading really is and I put it on the receipt and I guarantee THAT grade. The lab report is for the consumer's benefit not mine, unless we're talking about a 2.06 D/VVS2 (like the one I sold the other day) then obviously I'm not going to sell such a stone without a GIA or AGS lab report because I obviously want to confirm my opinion. If GIA calls something a G color and I think it's borderline G-H, then I'm going to guarantee the H color, not the G. And my customers appreciate the fact I was honest with them and stand behind my grading.

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  • 2 weeks later...

I concur with everyone on here on this EGL nonsense.

 

Bottom line for a consumer is figure an EGL diamond overgraded 2 letters and I've seen 3 to 4 sometimes.

 

If a GIA E SI1 is a $6k diamond and an EGL E Si1 is a $4500 diamond, all you have to do is look up what you can get in a GIA stone for $4500 and that is the BEST possible scenario on the actual grade of the stone certed by EGL.

 

I think it is pathetic the industry tolerates this nonsense...

 

Marty

CEO/Pres

DBS Diamonds

www.diamondsatcost.com

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