The International Gemological Institute (IGI) has reaffirmed that it will keep grading synthetic diamonds, applying the terminology it uses for natural, even as other labs have changed their policies.

The institute “will continue applying the universal 4Cs grading to all diamonds, whether natural or lab-grown,” it said Monday. “This affirmation comes as many in the industry grapple with the unprecedented shift by others to a different, diluted scale for lab-grown diamonds sent to their locations.”

IGI’s statement follows a shift away from lab-grown, or from applying natural standards to lab-grown by some industry bodies. Last month, Belgian grading lab HRD Antwerp said it would no longer issue certificates for loose synthetic diamonds, aiming to create a clear distinction between the two. Meanwhile, the Gemological Institute of America (GIA) has updated the terms it will use to describe lab-grown on reports. It will no longer use 4Cs grading metrics but instead grade them as either premium or standard.

“Since inception, IGI has remained steadfast in its mission as an independent, third-party authentication body — unbiased and free from external influence,” it added.

Lab-grown diamonds are a huge part of IGI’s business. In April, the company reported a 10% increase in revenue to INR 3 billion ($35.8 million) for the first quarter. That received a boost from a 1% rise in certification of natural diamonds, which comprise 16% of the business, while grading of loose lab-grown advanced 9%, making up 54% of operations.

Courtesy: Rapaport