EGL USA Launching Diamond Trading Service

If you can’t join ’em, beat em.

Stung by RapNet’s decision to ban all EGL labs from its network, EGL USA is launching a rival online trading platform.

The network, still in the testing phase, will list “stones from EGL USA as well as other top-tier well-respected labs,” says a spokeswoman.

A statement said that the free-of-charge platform is meant for lab clients “displaced by RapNet.” An unnamed leading interactive firm will run day-to-day operations, it added. 

In related news, World Federation of Diamond Bourses president Ernie Blom tells JCK that he hopes to convene a meeting of different grading labs after the new year to discuss issues in the lab sector. 

The group hopes to move toward endorsing an industry standard for diamond grading, he says.

In an open letter released Friday, Blom called over-grading by labs a serious threat to consumer confidence.

Related stories:

Fixing the Lab-Grading Mess

RapNet Bans EGL Reports From Trading Network

EGL USA Calls RapNet Ban “Simply Wrong”

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JCK News Director