Diamond Outlet investigates its competitor’s claims
Genesis Diamonds has made the following claims:
- “All of our diamonds are sold below the Rapaport wholesale price list.”
- “We are committed to selling directly to you at the same prices jewelry stores pay.”
- “When you compare with other jewelry stores in town, Genesis Diamonds win every time on price, selection, and quality”.
- “Genesis Diamonds guarantees the lowest price and highest quality on certified diamonds anywhere in the United States.”
Diamond Outlet launched a twenty-month long investigation.
The results of the investigation below* illustrates how foreign certificates can inflate the color and clarity of diamonds when compared to US diamond grading standards. Consumers unaware of the difference between US and foreign certifications can think they are getting much better quality for less money, when they are not. When two diamonds purchased from the store owned by Genesis Diamonds were certified by 3 of the largest independent US labs (GIA, IGI, EGL-USA) the results were quite interesting.
Diamond Outlet sells comparable diamonds cheaper than Genesis Diamonds.
Here are the Facts
DIAMOND OUTLET purchased diamonds from a store owned by Genesis Diamonds in both 2011 & 2012 during the Christmas season when jewelry stores do their most business.
Click to see receipts
- DIAMOND OUTLET was provided with diamond certifications from a foreign lab (EGL- International) for both diamonds purchased from the competitor’s store.
Click to see the certification
- DIAMOND OUTLET was provided with a brochure by the competitor’s store that included the industry standard Rapaport wholesale diamond price list purporting that diamonds were sold below wholesale industry pricing.
Click to see the brochures
- DIAMOND OUTLET, at its own expense, sent the two diamonds it purchased to 3 of the largest independent US labs to compare to the foreign certs: GIA, IGI, EGL-USA.
Article about GIA, EGL-USA and IGI
- It is generally understood by jewelers in the diamond industry that some foreign labs are more lenient on their certs, but the US lab reports on the two diamonds purchased at the competitor’s store showed a difference of 4-5 grades lower than the certifications from the foreign lab. Click the links to see the US certifications : GIA Certificates IGI Certificates EGL-USA Certificates
- According to the same Rapaport wholesale price list provided by the competitor’s store this represented a price difference for comparable quality of 86 – 92% less for the diamonds in question.
Click for detailed information
- DIAMOND OUTLET has never – and WILL never – use foreign certs to grade the diamonds it sells. Diamond Outlet has an office in the heart of the Diamond District in New York City and does not resort to selling with lenient foreign certs to be competitive on its diamonds. We would close our doors first!
- DIAMOND OUTLET feels compelled not only to shed light on the foreign certs provided with the two diamonds from the competitor’s store but to make consumers aware that lenient foreign certs are becoming a growing concern throughout the industry. See what the industry is saying about foreign certification.
See the entire timeline of events
More articles on the growing industry concern about foreign diamond certs: Labs Grade Diamonds, But Who Grades the Labs? JCK Magazine, May 2013
The Diamond Lab System Is Broken. How Do We Fix It? JCK Magazine, June 2013
The Ten Biggest Mistakes of Diamond Buyers. Click Here to read more…
*Actual diamonds and original copies of all materials shown on this page can be seen at Diamond Outlet during regular business hours.
*Diamond Outlet has no affiliation or connection with Genesis Diamonds which sold the two diamonds discussed on this webpage.