Author Topic: Rapnet bans EGL graded diamonds  (Read 2046 times)

Offline Diamondsbylauren

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Rapnet bans EGL graded diamonds
« on: September 10, 2014, 08:16:07 PM »
Hi Folks!
Rapnet is a dealer to dealer trading network- a massive list of diamonds from around the world.
Many of the diamond selling sites draw a feed from this list.
I have been quite outspoken about how bad EGL grades are for consumers.
Recently a store in Tennessee was sued over selling knowingly misgraded diamonds
Here's a link to the article about this in a jewelers magazine

While I strongly feel misgrading is a problem for unknowing consumers, I question this move by Rapnet.
Why?
Well, let's use this diamond as a case in point


EGL Graded H/SI1


We sent it to GIA who graded it N/SI1


Hey, at least they got the SI1 part right- and whats 6 clor shades betwen friends ::)
This was EGL international, which is worse than EGL USA in NY, but it makes no difference- it's bad for consumers.

IMO dealers need to be allowed to cut through all this.
The N colored diamond sold in a hand forged ring for uner $13k- that's a low price for a 2ct center in a nice ring.
Although we' still be able to buy such stones without Rapnet, we pay for the service, and it makes it a bit easier.


Besides this, they also, strangely enough banned "as well as all diamonds with a green hue"
David
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Offline oldmancoyote

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Re: Rapnet bans EGL graded diamonds
« Reply #1 on: September 11, 2014, 04:22:45 AM »
Yet another victim (?) of disintermediation and blurring the lines between consumer, retailer and wholesaler. The internet makes it very easy to get access to information; it also makes it very difficult to sort "good" from "bad" information (which was - or should have been - the expert's task).

Offline clgwli

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Re: Rapnet bans EGL graded diamonds
« Reply #2 on: September 11, 2014, 03:32:10 PM »
I agree this is a bad move.  I understand the desire to want consumers to not be cheated out of money, but at the same time we've had some lovely EGL stones come in.  As long as you sell them for what they are there isn't an issue.

I'm not sure how I feel about rapnet taking over for this.  If it were a consumer sitet I'd understand but why not let the buyers sift through it all?
Squiggly

Offline Diamondsbylauren

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Re: Rapnet bans EGL graded diamonds
« Reply #3 on: September 11, 2014, 03:37:32 PM »
Great points OMC, and Squig.
It's so frustrating sifting through the mountains of "facts" on the internet.
For example I have learned, among other things, that the world is actually flat.

Another troublesome aspect is that the telescoping effect seems to infect places - like Rapnet- that have existed as B2B
GIA is aiming at consumers much more heavily nowadays...

I can only hope that the industry protests- if there are any- will force Rap to reconsider.
David
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Offline Diamondsbylauren

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Re: Rapnet bans EGL graded diamonds
« Reply #4 on: September 16, 2014, 08:30:42 PM »
Some other potential, and likely side effects:
1) GIA backlog gets even worse. Thi is a sad reality as GIA is already totally overwhelmed.
2) Possible that some other lab rises from the remnants of EGL USA and offers grading on par with GIA. That might be really cool.
David
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Offline clgwli

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Re: Rapnet bans EGL graded diamonds
« Reply #5 on: September 18, 2014, 07:41:20 AM »
Don't some consider AGSL to be on par with GIA? 

You raised a good point though, GIA is already busy as it is and this could make it even worse.
Squiggly

Offline oldmancoyote

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Re: Rapnet bans EGL graded diamonds
« Reply #6 on: September 23, 2014, 06:48:15 PM »
AGSL is fine (though I'm not sure it carries the same rep as GIA for coloured diamonds), but it's tiny.

The counter-argument is that if GIA gets a boost because EGL goes belly up they may be willing to invest in more capacity. But building a monopoly is rarely good for the consumer in the long term.