Policy sets guidelines to tolerance levels on grading.
Members of the diamond trade may face arbitration for dealing in diamonds with a color grade that differs from industry standards by more than one grade, according to a new policy issued by various industry organizations. The bodies are considering extending the policy to include clarity grading.
The policy statement, obtained by Rapaport News last week, was formulated by the World Federation of Diamond Bourses (WFDB), the International Diamond Manufacturers Association (IDMA) and CIBJO – The World Jewellery Confederation.
The policy states that compliance regarding diamond color grades should be brought before the authorized body of a bourse, which will determine the broadly accepted industry benchmark to be used in the case. The bodies recognized the Gemological Institute of America (GIA) or the International Diamond Council (IDC) as the industry-accepted standards.