A lawsuit against Genesis Diamonds charging the Nashville, Tenn., retailer with selling diamonds carrying inflated lab reports has settled.
Attorneys for both sides declined comment on the settlement, except to say that the suit was “resolved to the mutual satisfaction of all parties.”
The suit, filed in March, charged that a 2.06 ct. diamond purchased by plaintiff James Wells at Genesis came with an EGL International report that called it a G VS2. A GIA report later labeled it a J SI2. Genesis’ attorney said the suit was without merit and argued that diamond grading is subjective, and that the plaintiff bought the diamond at a fair price.
Genesis still faces three other lawsuits from consumers over lab-related issues. In addition, Brian Manookian, who acted as attorney in this case, previously told JCK that he may file other suits on this topic.