We've touched on this topic in a couple of other threads, so I thought I'd grab the bull by the horns, and make a full thread of it:
I'm wondering how GIA reports now impact wholesale diamond exchanges (and in turn retail sales), compared to, let's say, 20 years ago.
My impression is that it used to be: a couple of guys in the business, who knew diamonds, got together, studied a stone, argued over its beauty, its pluses and minuses and, in turn, bartered over the diamond's worth. It was more about the eye-appeal of a stone and trade experience in knowing and judging stones, than what the stone actually was (by the numbers, so to speak).
Now, however, there is often a GIA report on the table that presents scientifically verified FACTS about a stone – but not necessarily ALL the facts, and certainly, the piece of paper is not able to really "see" the diamond as it appears to the human eye.
So D, what is the impact of a report on inter-trade dealings? How has it changed – if at all – the process of doing business these days?