Genesis Diamond Ring Owners…Question…

posted 3 years ago in Rings
Post # 4
Member
124 posts
Blushing bee
  • Wedding: October 2015

Did you hear that they are being investigated for fraud? Over lying about diamond quality? I live near the actual store and it’s a big deal in town!

Post # 6
Member
124 posts
Blushing bee
  • Wedding: October 2015

Oh dear! I was planning on getting my band from them but then all this came up. The news here just did an 8 minute piece on it out of their 30 minute show! Check into if they had your diamond graded by GIA or EGL, It seems to be the EGL ones in question! Good Luck! Being from Nashville I have seen a lot about it lately here! I will definately update you if they say anything more on the local news here!

 

  • This reply was modified 2 years, 7 months ago by  BlondeeBee.
Post # 7
Member
1905 posts
Buzzing bee
  • Wedding: December 2014

BlondeeBee:  my diamond is from genesis and this is making my stomach turn. 

How could they lie about the quality? dont they have to go by the EGL/GIA papers? 

Post # 8
Member
124 posts
Blushing bee
  • Wedding: October 2015

From what I understand, There are acutally two EGL companies, one based in the US and one international. The US one has a stricter standered for grading. And GIA is even more strict. So they would advertise EGL graded. But because it was the international one the grading was exagerated. They found most diamonds to be 4 levels lower than stated when sent to different grading companies and 2 clarity levels lower.

One woman was told her ring was valued at nearly $50,000 from genesis when she bought it on sale, thinking she was getting a deal. But then later she found out is was only valued at $12,000. And they wouldnt return her money. She ended up selling it online for $8,000.

  • This reply was modified 2 years, 7 months ago by  BlondeeBee.
Post # 9
Member
124 posts
Blushing bee
  • Wedding: October 2015

The news was JUST saying GIA ones dont seem to be in question yet so if y’alls diamonds were graded by them it may not be an issue at all!

I will try to find some links from the local news station to post!

Post # 11
Member
124 posts
Blushing bee
  • Wedding: October 2015

 

a_day_at_the_fair:  YES! Thank you!

Im trying to find the one from todays news report too. About how they have handled dissatisfied customers, and lied to them. But I dont think its avaliable online yet 🙁

Post # 12
Member
3693 posts
Sugar bee
  • Wedding: August 2013

Wait, they’re just selling EGL-graded diamonds and telling customers that it’s the same as a GIA certificate? If that’s the case, pretty much every jewelry store ever will need to be investigated. Appraisals are notoriously inflated and individual appraisers can be just as bad at grading as EGL. If someone should be investigated, it should be EGL. This isn’t the first, second, or tenth time that I’ve seen diamonds be reported as five-ish grades off. There’s a big effing difference between a G and an L.

Post # 13
Member
2052 posts
Buzzing bee

cmbr:  You say it as if it’s okay because a lot of jewelers scam people this way. The only way customers will know to be wary is if news reports on stuff like this

And yes, replacement value is almost always more than actual value, but it should never be stated at double or triple the actual cost. 

Post # 14
Member
124 posts
Blushing bee
  • Wedding: October 2015

cmbr:  Yes, I believe thats part of it! And not stating it was EGL international vs. US (Which is actually in Europe?) And now employees are saying they were trained to tell customers EGL and GIA were the same and not to menton it was not EGL-US.

Im thinking the reason it is such a big deal in Nashville is because Genesis is our biggest store, and is backed by our Professional Football team, who claims they were unaware about everything going on at Genesis. Now its all over the news here!

 

 

  • This reply was modified 2 years, 7 months ago by  BlondeeBee.
Post # 15
Member
3693 posts
Sugar bee
  • Wedding: August 2013

a_day_at_the_fair:  I never said it was “okay,” I said that it happens everywhere. People see a lab report and think, “a grade is a grade is a grade, right?” I think that a lot of people who work at jewelry stores (especially chain jewelry stores) seriously have no idea that there is a difference between EGL and GIA. Even though EGL diamonds are “cheaper” for their grade, jewelry stores are making more money on them because a GIA-graded L SI2 will sell for a lot less than a GIA-graded G VS2. EGL just calls that L SI2 a G VS2 and customers think they’re getting a great deal. All the jewelry store is required to provide is the report (if it has been graded). Why would it behoove them to explain the differences in grading labs?

The article isn’t clear to me in what way(s) the jewelry store is said to have misinformed their customers. If they’re artificially inflating their own appraisals, obviously that isn’t okay. But if they’re just selling let’s say, EGL-Israel diamonds and just calling them “EGL,” I can’t get all worked up over that. In terms of value, EGL sucks. Any consumer making a purchase of thousands of dollars should be doing independent research and could figure that out for themselves.

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