The Heat—and Pressure—Is On By

The first reports of high-pressure, high-temperature (HPHT) treatments for diamonds hit the trade like an earthquake. Eventually, HPHT producer Pegasus (now Bellataire) agreed to inscribe its stones and sell them directly to retailers. The industry hoped it had solved all the problems associated with this new treatment. But that may not be the case. JCK has learned that new companies are selling colorless HPHT diamonds on the open market—often without disclosure. There's also a growing market in treated yellow diamonds that are not always identified as treated. "HPHT is something that's really exploding," says Joe Menzie, a colored-stone dealer with hundreds of treated yellows in his safe. "You are seeing a lot of people getting into it." But not all of these people are following the rules. The Federal Trade Commission's "Guides for the Jewelry Industry" mandate disclosure of suc

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