Press Release: In response to the pending removal of EGL USA from RapNet listing, Mitch Jakubovic, the director of EGL USA, released the following statement.
“Recently, RapNet announced its intention to remove EGL USA from its trading platform, along with other E.G.L.- named laboratories. We remained publicly silent, while meetings were ongoing. Unfortunately, Martin Rapaport remains committed to this new policy. EGL USA, in turn, remains committed to delivering exceptional gemological science and service to its customers.
“EGL USA is a highly regarded, independent gemological laboratory. In particular, the lab’s GIA- and FGA-trained gemologists are recognized for consistent grading and significant achievements in gemological research.
“EGL USA is in no way affiliated with any E.G.L.-named laboratories outside of North America. In fact, as the sole owner of the trademark in the U.S., EGL USA is the only E.G.L. lab with the legal right to issue gemological reports here.
“To protect this right, EGL USA brought trademark infringement and false advertising claims against the E.G.L labs outside of North America, for both their inflated grading practices and improper use of the E.G.L. name in the U.S. These legal actions reinforce an existing customs border ban on their reports, established over a decade ago.
“Our customers know all of this. And Rapaport knows it, too. Rapaport reported on the ban when it was initiated. And Rapaport consistently distinguished EGL USA — in advertisements, industry events, listings and surveys. Just last year, Rapaport verified the quality of EGL USA analyses as comparable to top tier labs, such as GIA. We earned this recognition. Moreover, we expect an industry leader and standard-bearer, like Rapaport, to always present our lab — and all other labs — clearly and fairly.
“Instead, in its recent press release, Rapaport referenced EGL USA as part of ‘EGL’ and ‘European Gemological Laboratories’ and associated our lab with language including ‘the misrepresentation of diamond quality’ and ‘overgrading of diamonds.’ None of this is accurate.
“Simply put, the delisting of EGL USA penalizes us for our name alone. And while that is a great disservice to EGL USA, it is an even greater disservice to our customers and the industry-at-large.
“We are very grateful for the tremendous support of our customers, particularly those who spoke loudly and publicly on our behalf. We will return the favor, announcing updated trading platform plans shortly.”
Admin comment: conspicuous by its absence is any discussion of EGL’s alledged different grading standards while using GIA nomenclature. Stay tuned — this will not be the last we hear of this ongoing issue.