Companies in the diamond trade submit diamonds to the GIA to generate diamond grading reports. The diamonds are evaluated by more than one person and sometimes as many as 15 depending on its rarity or complexity.
In addition to the 4 C’s, the diamond grading report contains the measurements of the diamond, the angles and proportions of the facets as well as an opinion on its cutting workmanship. What it does not contain is the appraised value of the diamond.
In that case, why do we need a certificate? In order to facilitate the smooth transacting of business within the trade a document was necessary to ensure the objectivity. Since the GIA is a non-profit institution which does not engage in buying and selling, their reports can be relied upon for objectivity.
There are a number of independent grading labs all over the world. Some have stellar reputations within their communities and countries. Some, unfortunately, have questionable ethics. The GIA has become known as the leading authority on diamonds in the world over. Their grading reports have, arguably, achieved the highest ethical standards within the diamond industry.
To complete the package, appraisal certificates were created. An appraisal is given by diamond and jewelry professionals engaged in the trade of diamonds. They can rely on certificates to back up their opinions if a certificate exists. Otherwise, they evaluate the diamond as would the GIA. They also evaluate the jewelry component and fully describe the article.
After considering the above as well as the item’s rarity, if applicable, and its marketability, they assign an estimated total retail replacement value for the complete item. This value can vary from one appraiser to another.
To obtain jewelry insurance, all insurers require a copy of the jewelry appraisal with the application. In addition to insurability, certificates and appraisals can shed light on the origin and genuineness of the jewelry.
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