Diamond manufacturers are frustrated by the long turnaround time of goods being sent to the Gemological Institute of America (GIA) for certification. The recent delays have stemmed from a steady rise in demand for certificates as the GIA’s intake has increased sharply in the past year, which has led to a buildup of inventory at its laboratories.
Thomas Moses, GIA’s executive vice president and chief laboratory and research officer, told Rapaport News that the company’s inventory is currently more than 50 percent above normal levels due to an “exceptional intake of diamonds.”
[two_third]As a result of the backlog, the GIA posted on its website that goods submitted this week to its Carlsbad lab will take 50 to 55 days for dossier certificates and 40 to 45 days for its regular diamond grading reports. Similar time frames are given for its New York and Mumbai locations. Moses recognized the turnaround time should be only five to 10 days for any intake and sensed the frustration of the market.[/two_third]
“Consumers [are] more concerned about the authenticity of the product they’re buying.”