MajorsMar 04, 2026
Michael M Opens First StoreBeverly Hills was chosen as the location for the brand’s first store, designed as a “private residence for modern monarchs.”
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
Policies & IssuesMar 04, 2026
Luxury Brands Temporarily Shutter Middle East StoresKering, Apple, and other retailers have reportedly temporarily closed stores in the Middle East region in light of the recent conflicts.
EditorsMar 04, 2026
Q&A: Brilliant Earth’s CEO on the New Beverly Hills StoreBeth Gerstein discusses the vibe of the new store, what customers want when fine jewelry shopping today, and the details of “Date Night.”
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
Events & AwardsMar 04, 2026
JIS Miami Spring Show to Feature New Gifts Pavilion, Pop-Up Trends TalksNearly half of buyers are prioritizing silver and fashion collections this season, organizers said.
Weekly QuizFeb 26, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
TrendsMar 04, 2026
Spinelli Kilcollin Rides Free In Year of the Horse CampaignThe “Live Now. Polish Later.” campaign features equestrians wearing the brand’s jewels while galloping across the icy plains of Kazakhstan.
MajorsMar 04, 2026
LeachGarner Names New Brand DirectorThe precious metals provider has promoted Jennifer Ashworth to the role.
Brought to you by
DCA Enters a New Chapter in Jewelry EducationWith refreshed branding, a new website, updated courses, and a pathway for growth, DCA is dedicated to supporting retail staff development.
Events & AwardsMar 03, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on March 13.
SourcingMar 03, 2026
7 Trends That Could Define the Diamond Industry’s FutureExperts from India weigh in the politics, policies, and market dynamics for diamantaires to monitor in 2026 and beyond.
MajorsMar 03, 2026
Swiss Refiner Completes Acquisition of Gannon & ScottThe American precious metals refiner’s day-to-day operations remain the same post-acquisition.
TrendsMar 03, 2026
Amanda’s Style File: AquatopiaThese aquamarine jewels channel the calming energy of the March birthstone.
Events & AwardsMar 03, 2026
AGTA Adds Another New Category for SpectrumThe “Innovative Design” category and award will debut in the Spectrum division of this year’s AGTA Spectrum & Cutting Edge Awards.
EditorsMar 02, 2026
Jewelry at the Actor Awards: Reimagining Hollywood GlamourDiamond jewelry was the star of the event formerly known as the SAG Awards.
SurveysMar 02, 2026
Consumer Confidence Edges Up in FebruaryConsumers were somewhat less worried about the future, though concerns about rising prices and politics remained.
Events & AwardsMar 02, 2026
JVC to Honor Rebecca Foerster at Annual LuncheonFoerster is this year’s Stanley Schechter Award recipient.
Events & AwardsMar 02, 2026
JFC Names 2026 ‘Facets’ Honorees Sponsorships and tickets to the annual fundraising event, set for May 31, are available now.
CrimeFeb 27, 2026
Man Charged in Murders of Father, Son Jewelers in ChicagoChicago police and members of the U.S. Marshals Service tracked down the 35-year-old suspect earlier this week in St. Louis.
SourcingFeb 27, 2026
South African Diamond Mine Closes Amid Search for Missing WorkersOwners of the Ekapa Mine reportedly filed for liquidation about a week after a mudslide trapped five workers who have yet to be found.
MajorsFeb 27, 2026
Jewelers Mutual to Donate $10M to Savannah College of Art and DesignA 10-year alliance has also begun to address the shortage of bench jewelers through scholarships, enhanced programs, and updated equipment.
CollectionsFeb 27, 2026
Renato Cipullo Turns Gold into HardstonesThe “Splendente” collection has evolved to feature hardstone letter pendants, including our Piece of the Week, the onyx “R.”
AuctionsFeb 26, 2026
Noonans to Auction Lady Wardington’s JewelryThe jewelry collection belonged to “one of society's most glamorous and beautiful women of the mid-20th century,” said the auction house.
SourcingFeb 26, 2026
Anglo American CEO Gives Insight Into De Beers SaleThe update came as Anglo took its third write-down on the diamond miner and marketer, which lost more than $500 million in 2025.
ColumnistsFeb 26, 2026
Practical Ways Jewelers Can Leverage AI in 2026Emmanuel Raheb discusses the rise of “GEO” and the importance of having well-written, quality content on your website.
CrimeFeb 26, 2026
Three Sentenced in California Jewelry HeistEach received around four years for burglarizing a jewelry store and a coffee shop in Simi Valley, California, last May.
Events & AwardsFeb 26, 2026
GIA Names 2026 Jewelry Design Contest Winner, Retires Annual AwardCatherine Aulick, a GIA graduate, received the ninth and final Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.
TrendsFeb 25, 2026
Engagement Ring Trends 2026: What’s In, and WhyWe asked a jewelry historian, designer, bridal director, and wedding expert what’s trending in engagement rings. Here’s what they said.
