Follows Martin Rapaport's Honest Grading report issued this week.
The British Jewellers’ Association (BJA) and National Association of Goldsmiths (NAG) have today made a call for greater honesty and transparency in the trading of diamonds in the UK, following the release of Martin Rapaport’s Honest Grading report, earlier this week.
The BJA and NAG say the issues and discrepancies of diamond trading and grading have "once again come to the fore" with the release of Rapaport’s report, which was sent to more than 77,000 jewellery trade members worldwide, including the Professional Jeweller team.
In the report, Rapaport discusses the over-grading of diamonds by certain laboratories, dubbing it a “significant threat” to the industry that could lead to disgruntled customers demanding refunds from jewellers for mislabeled stones. This follows both the GIA’s decision last week to suspend its diamond sealing and duplicate report service after a receiving a stone that did not match the data on its sealed packet, and Rapaport’s own recent decision to ban all EGL grading reports from his online trading platform.
As a result, and as the main jewellery trade associations operating in the UK, both the BJA and NAG have stated today that they are fully supportive of the release of Rapaport’s report. They are now making a call for the UK jewellery industry "to define an agreed and common policy for all to abide by in order to provide consumers with greater confidence in the purchase of diamonds".
The BJA’s chief executive officer Simon Rainer has previously asked for more clarity surrounding diamond trading and the supply chain, penning a opinion column for Professional Jeweller in 2013, focusing on issues relating to certification.
He said of the associations’ support of Martin Rapaport’s report: "Without question, the issue of mis-sold diamonds forms the highest percentage of consumer complaints we receive. The trade has to find a way of creating greater consistency in the sale of diamonds and diamond grading supported by accepted independent accreditation and monitoring."
Both the BJA and NAG recognise the need for increased transparency and honesty in the manner in which diamonds are traded and sold to consumers.
NAG chief executive officer Michael Rawlinson added: "What we are looking for is a code of practice agreed by key industry stakeholders which can easily be adopted by the trade and most importantly, understood by the consumer."
In the meantime, the BJA and NAG encourage members of the industry to read the report for themselves, which can be found here.