Diamond Grading Reports: Flawless Or Imperfect?

Your best customer enters the store a month before his 25th wedding anniversary and wants to get his wife a diamond of around 5 carats - "the finest he can get." You obtain on memo a $55,000 4.64-ct. emerald-cut diamond with a grading report from a major lab saying it's D color, SI1 clarity. You sell it for $65,000 and tell the customer the lab report is a guarantee the diamond is as good as you say it is. Two months later the customer returns with a report from another major lab. This report says the same diamond is E color, SI2 clarity, worth at least $15,000 less than he paid. Hypothetical? The example is drawn from actual differences in grading reports on a 4.64-ct. diamond that JCK acquired on memo in February and sent to the major U.S. gem labs: the Gemological Institute of America's Gem Trade Lab, which has locations in Santa Monica, Cal., and New York, N.Y.; the Internation

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