The value of a diamond increases dramatically when size increases, as well when the grade of the diamond improves in Cut, Color and Clarity. For instance a G, VS2, one carat diamond can vary 60% in value simply by the variation in cut quality! This creates a difficulty for you as a diamond buyer, as you must trust the diamond seller to be telling you the truth about what you are buying.
This is the purpose of third party grading laboratories that grade diamonds and produce documentation that serves you as a consumer. The grading report offers you an opinion of grade from someone who isn't going to profit one way or another from the grade they set for a diamond. They are theoretically unbiased.
Why would we say "theoretically"? Because sometimes even here the report is inaccurate and unreliable too.
A diamond grading report is an opinion on the qualities of a particular diamond as compared with other diamonds. They are prepared by unbiased third parties to provide a grade and specific information on a diamond. Reports will contain two types of information: objectives measured specifics, and then the more subjective grade assessments.
A grading report is often called a "certiificate", but this term is technically inaccurate and incorrect. A certificate is a document that states soemthing for certain - certifies that it is something. Diamond grading laboratories are very explicit on this point that they do not certify diamonds! They grade and give an opinion of the diamonds grade in a grading report.
From GIA's Important Limitations for GIA Reports and their Facsimiles webpage.
A GIA Report is not a guarantee, valuation or appraisal, and GIA makes no representation or warranty regarding its Reports, the articles described therein or any inscription thereon. A GIA Report contains only the characteristics of an article described after it has been graded, tested, examined, and analyzed (collectively, “examination” or “examined”), using the techniques and equipment used by GIA at the time of the examination.... ...and the Report may not be referred to as a guarantee, valuation or an appraisal.
A GIA Report is not a guarantee, valuation or appraisal, and GIA makes no representation or warranty regarding its Reports, the articles described therein or any inscription thereon. A GIA Report contains only the characteristics of an article described after it has been graded, tested, examined, and analyzed (collectively, “examination” or “examined”), using the techniques and equipment used by GIA at the time of the examination....
...and the Report may not be referred to as a guarantee, valuation or an appraisal.
From the AGS
A diamond grading report is an opinion of the laboratory issuing the report. Although the diamond grading report is an expert opinion it is not a guaranty from a legal perspective.
EGL publishes these terms:
...each report is not a guarantee, valuation, or appraisal of any kind. Such a report shall not be regarded as a warranty, nor shall it be a recommendation of purchase of the gemstone described therein. The report represents the best professional opinion of this company. The Issuer is in no case responsible for differences that could occur by repeated evaluation and/or use of other standards, norms, methods, or criteria other than those chosen by the Issuer.
So even though the grading reports seem to provide some certainty to the consumer, the grading laboratories are only providing an opinion of grade.
This all hints at an underlying reality about diamond quality and grading. It is subjective. Even with four GIA trained diamond graders on staff, we have disagreed firmly with each other on certian diamonds and what grade they should be assigned.
We endeavour to close the question about trust with our assurance to you that we will be frank with whatever information you want to know about the diamonds we offer. Diamonds we sell are usually graded by the GIA and AGS who in our opinion provide the most stringent, consistent and relaible grading on offer from third-party laboratories. When we think that are diamond graded by another party is not accurate and misgraded we will give our opinion and explain why we believe that it is incorrect.
In other words we want to demonstrate transparency through educating you with accurate diamond knowledge. We believe that by doing so we will earn your trust.
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