SourcingJul 02, 2026
London Diamond Bourse Elects First Female PresidentCharlotte Rose said her election is “a sign that this is an industry capable of change.”
GradingDec 14, 2014
Remaining lawsuits filed over EGL reports are settled
The three remaining lawsuits filed against Tennessee retailer Genesis Diamonds over its use of EGL International grading reports have been settled.
New York--The three remaining lawsuits filed against Tennessee retailer Genesis Diamonds over its use of EGL International grading reports have been settled.
Brian Cummings, the Nashville, Tenn.-based attorney representing the three individuals said Friday that the suits were resolved and dismissed. The terms of the settlement are confidential, though Cummings said his clients were “very satisfied” with the outcome.
Cummings’ clients, M. Nathaniel Averitt, Richard Vien and Allan (A.J.) Zyla Jr., sued retailer Genesis Diamonds LLC and its owner Boaz Ramon earlier in the year, alleging the retailer intentionally confused consumers about the difference between “inferior” EGL International-graded diamonds and those graded by the Gemological Institute of America.
“Genesis Diamonds’ business practice for many years has been to offer inferior-quality EGL International diamonds as equivalent to GIA certified diamonds. Genesis employees and sales staff falsely claim that the only difference between diamonds certified by the two laboratories is ‘the price,’” the lawsuit states. “By doing so, Genesis is able to claim it is offering a diamond ‘at wholesale pricing’ when, in reality, it is simply selling an over-graded stone that it acquired at a steep discount comparable to a GIA diamond.
“The practice allows Genesis Diamonds to simultaneously reap a profit margin that would not be possible selling legitimately-graded GIA diamonds, while falsely claiming they have saved the customer money.”
In his lawsuit, Averitt stated that he bought cufflinks with 3-carat diamonds that were both color graded as G but later re-evaluated as M and N color diamonds. He also bought a diamond eternity band with diamonds graded as F that later were re-evaluated as J color stones. Both pieces appraised at a significantly lower price than Averitt originally was led to believe, the lawsuit states.
Vien and Zyla had a similar experience with diamond engagement rings, court papers show.
Eli Richardson, the attorney representing Genesis Diamonds, also confirmed the settlement but did not provide a comment on behalf of the retailer.
The lawsuits brought by consumers in Tennessee was one of the major factors that touched off a recent chain of reactions to a problem that has long been simmering--over-graded diamonds.
In October, Martin Rapaport removed all EGL-graded diamonds from his diamond trading network, RapNet.
Just last week, news surfaced that the owners of the EGL brand (meaning EGL labs outside the United States; EGL USA is separate and not affiliated) had appointed a new global manager
to clean up the lab’s practices and would no longer be using the EGL International brand name.
More on Grading
The Latest
Supplier BulletinJul 02, 2026
Elevating Retail Showcases with Today's Necklace & Bracelet TrendsSponsored by Rio Grande Jewelry Supply
TrendsJul 02, 2026
Oscar Heyman’s Flag Brooch Celebrates AmericaThe American jewelry house, founded by Latvian immigrants, has been creating American flag brooches since 1917.
Brought to you by
Wedding Band Trends 2026: Personalization Takes Center StageColored gemstones, artisan finishes, mixed metals, and meaningful details are shaping demand in bridal jewelry.
IndependentsJul 02, 2026
D. Geller & Son Partners with KSU Art Students on Store MuralThe artwork celebrates the Atlanta jeweler’s legacy and symbolizes its commitment to supporting local artists and its community.
Weekly QuizJul 01, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsJul 02, 2026
Stratus Estate Buyers Offers Jewelers Turnkey Buying EventsIts team can evaluate jewelry and watches, as well as luxury handbags, artwork, and collectibles.
SurveysJul 01, 2026
Consumer Confidence Ticks Up in JuneFalling oil prices were a factor in the slight month-over-month improvement.
Brought to you by
Building the Future of Jewelry Retail: DCA Expands Education, Leadership Development, and Workforce SolutionsDCA is preparing the next generation of professionals by supporting workforce development, leadership growth, and career advancement.
CollectionsJul 01, 2026
Rio Grande Launches First Finished Bridal CollectionThe new offering comprises more than 120 bridal and engagement ring styles with natural and lab-grown diamonds.
WatchesJul 01, 2026
Rolex Unveils Clock at Rockefeller CenterThe clock is part of the celebration for the soon-to-open Rolex headquarters on New York City’s Fifth Avenue.
IndependentsJul 01, 2026
Kristen Cannon of Valobra Master Jewelers Dies at 49The public relations professional is remembered for her benevolent generosity and unwavering commitment to those around her.
WatchesJun 30, 2026
Pokémon Fans Will Want to Catch This New G-Shock WatchThe new watch commemorates Pokémon’s 30th anniversary.
MajorsJun 30, 2026
Saks Global Emerges From Bankruptcy With New NameThe luxury retailer is now called Exemplar Luxury Group.
CollectionsJun 30, 2026
Jade Ruzzo’s New Collection Embodies the Art of Being a LadyThe “Lady” collection is a new take on old beauty standards with gemstone-adorned hair pins and combs, a compact mirror necklace, and more.
SourcingJun 30, 2026
Blue Nile Introduces Montana Sapphire CollectionThe new line is included in the e-tailer’s curation of jewelry celebrating America’s 250th anniversary.
CollectionsJun 29, 2026
Briony Raymond’s New Collection Is a ‘Carousel’ of Hard StonesThe new jewelry collection uses a colorful palette of onyx, malachite, tiger’s eye, mother-of-pearl, lapis, turquoise, and coral.
IndependentsJun 29, 2026
Look Inside Lee Michaels’ Revamped Mississippi FlagshipLee Michaels Fine Jewelry is celebrating 30 years in the Ridgeland, Mississippi community.
GradingJun 29, 2026
GIA to Open New London CampusClasses will begin in August at GIA’s new Canary Wharf location.
AuctionsJun 26, 2026
‘Hogback’ Diamond Ring Finds a New Home A ring set with “hogback” diamonds, an early stone cut dating to around the 16th century, sold for more than $20,000 at a U.K. auction.
CollectionsJun 26, 2026
Strength Is Sharpened Into Beauty in Kris Averi’s ‘Prism Thorn’ RingThe rainbow version of the ring, our Piece of the Week, features angel-cut, octahedral lab-grown sapphires designed to be worn as armor.
MajorsJun 26, 2026
Rembrandt Charms Debuts ‘Charms That Give Back’The new initiative donates a portion of the proceeds from select charms to charitable causes.
TrendsJun 26, 2026
Bernard James Celebrates Knicks’ Win with RingThe Brooklyn-based jeweler created a limited-edition version of its “Aura” eternity band, set with gemstones in the team’s colors.
SourcingJun 25, 2026
ICA Names Brandee Dallow as CEODallow will lead the International Colored Gemstone Association, effective July 6.
EditorsJun 25, 2026
Out & About: How Jewelers Mutual, SCAD Are Tackling the Bench Jeweler ShortageSenior Editor Lenore Fedow headed to Savannah to learn more about the 10-year, $10 million partnership between JM and the art school.
CollectionsJun 25, 2026
Mejuri Experiments With SteelIts new capsule jewelry collection features gold-finished stainless steel pieces designed for a maximalist look without a luxury price tag.
Events & AwardsJun 25, 2026
Watches & Wonders Announces 2027 DatesThe week-long event in Geneva is slated for April 2027.
SourcingJun 25, 2026
Annie Doresca, Mark Smelzer, Sara Yood Join Gem Legacy BoardThe three industry leaders bring financial, communications, and legal expertise to the nonprofit’s board of directors.
