For all the fellow Canadians, this post might be worthwhile to spend some time to read up.
Since my quest for the perfect ring, I've learnt a few things regarding the diamond grading system. First, of course, you always want good or great specs if your budget can accommodate. Secondly, however, and often even more important, is WHO or WHERE the grading certificate came from. I don't think there is much debate that GIA and AGS are the highest and most authoritative grading institutions in North America at least, but probably worldwide too. If the diamond you're looking at has a grading certificate from either one of them, rest assured the specs are accurate and have been through strictest grading possible. However, make sure the certificate is authentic (later blog on this)!
GemScan is a reputable appraisal and grader that is based in Toronto, Ontario. A lot of the wholesalers and retailers in the GTA area get their grading certificates from them. I've heard good stories as well as not so good stories regarding their grading. From what I conclude, their standard is definitely not as strict as GIA or AGS, so take their grading with a grain of salt. I would safely subtract a grade to the specs they give you. So if they give you a G colour, VS2, consider the diamond a H colour, SI1.
The reason behind GemScan's "loose" grading is that most of the jewellry dealers in the GTA area give their business to GemScan. By grading diamonds higher for the dealers, the dealers in return can sell more diamonds and get a higher profit. Then they give more wholesale, loose diamonds to GemScan and thus a mutual benefit is created. That is not to discredit or say GemScan is not reputable, but to gain a better understanding of the background of how it works will yield a better judgement call on your behalf.
Even worse is when a vendor gives you a sheet of paper stating the grades and authenticity of the diamond without any body of appraisal. These likely come from their in-house grader and obviously is very biased in their grading. Definitely try to stay away from this type of seller.
In conclusion, you will pay a premium for GIA or AGS certified diamonds. And that's the very reason why some friend of yours might have gotten a diamond of higher spec than you for a fraction lower than yours. But keep in mind, you get what you pay for. I would strongly recommend getting a GIA/AGS certified diamond and make sure it's the same one as the one stated on the certificate!
Monday, January 25, 2010
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I agree with you. I wouldn't buy a diamond that does not have a GIA or AGS cert.
ReplyDeleteAnother thing to consider is that people are smart and will check their stones before they send them to get graded. They will send good stones to GIA and AGS because they will be worth more money and send poor stones to Gemscan (also known as Gemscam).
Good point in the selective stone grading. It makes sense since a good stone that is graded by GIA/AGS will be worth tons more than a good stone graded by GemScan. (Nice nickname =P)
ReplyDeleteThanks for your comment Adam!
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ReplyDeleteGemScan = GS? Who knows except Torontoers? The owner hires several bodies to make money. It has nothing and doesn’t qualify to compare to GIA/AGS.
ReplyDeleteDiamond value is the biggest fraud perpetrated on consumers in the entire world. Bar none.
ReplyDelete