Diamond grading is big business, even for non-profit organizations such as the Gemological Institute of America (GIA) who reported a total income of $104 million dollars last year. That's why reputation is everything in the world of jewelry and diamond grading, but the reputation has been tarnished recently for GIA in a scandal dubbed by some as " certifigate."

According to CNN: " The institute's internal probe started after a jewelry dealer who was also the former head of retail operations at luxury jeweler Harry Winston claimed that the institute and two diamond dealers conspired to inflate the grade of two diamonds that he sold to members of the Saudi royal family.

The diamonds, which were sold for $15 million, were taken to an independent appraiser and found to have a lower grade that made them worth much less, the paper said.

The dealer alleged that lab workers took bribes to inflate the quality of diamonds in grading reports, according to the news report, which cited people familiar with the situation."

The following statement has been issued on GIA's website: " Free GIA Diamond Grading Report Verification: If you would like to confirm the authenticity of your GIA Diamond Grading Report or Diamond Dossier, or the information your report contains, you can request a free verification. Simply submit your diamond along with its original report to the GIA Laboratory. The diamond will be re-assessed and the results of the new analysis will be returned to you, along with your diamond and its original report."

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