Tennessee Retailer Sued Over Grading Reports

A new court case may test whether jewelers bear legal liability for the representations on their grading reports.Genesis Diamonds, the Nashville, Tenn., retailer whose use of reports from EGL International made it the subject of a critical local newscast in May, has now been slapped with a lawsuit over how it uses those reports.The complaint, filed July 22 in circuit court for Davidson County, Tenn., charges the three-store chain with fraud and violations of the Tennessee Consumer Protection Act for “misrepresent[ing] the quality and characteristics of the diamonds it sells.”According to the suit, on March 10, plaintiff James Wells bought a diamond engagement ring at Genesis with what the store called a 2.06 ct. G VS2 center stone, based on its EGL International report. He paid $17,793 for the diamond, though the suit says a Genesis-supplied appraisal valued it at $27,500 based on it

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