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EGL Platinum lays out reorganization planin the IDE

EGL’s reorganization plan was presented yesterday in the Israel Diamond Exchange (IDE). EGL Platinum President Menahem Sevdermish met with industry leaders and bourse members to lay out the steps EGL plans to implement to bring uniform grading standards across its branches worldwide, as well as the issuing of new gemological certifications.

IDE President Shmuel Schnitzer introduced Sevdermish, saying: “Menahem Sevdermish is one of the top gemologists in the world, and the gemological institute he established in Israel in 1975 has certified 4,500 graduates, many of whom occupy senior positions in the industry today”.

Sevdermish presented EGL’s reorganization plan and the new certificate issued by the lab. Earlier this year, Sevdermish became the global manager of EGL network (excepting the US and Canada).

EGL’s reorganization comes after multiple complaints about grading certificates containing unsuitable gemological findings, which hurt the lab’s credibility worldwide. In 2014, diamond grading reports from all EGL labs were taken off from Martin Rapaport’s RapNet Diamond Trading Network.

Sevdermish said yesterday that “EGL has taken a strategic decision to improve its reputation and reports for the benefit of the industry. The reorganization process is implemented in all EGL labs these days, led by senior gemologists, and managed by Guy Bornstein, Idan Shaulov and Alan Lowe, Managing Director of EGL South Africa and a senior representative at the IDC.

The reorganization plan is rolled out in several phases. Gemologists from all EGL labs are trained to adopt and implement EGL Platinum standards, which were originally set by Guy Mergel, founder of EGL in 1974, and in line with World Federation of Diamond Bourses (WFDB) guidelines.

In addition, EGL Platinum will be checking the master stone sets of each affiliate to ensure tighter grading standards. All labs will be issuing the same EGL Platinum report, using uniform standards and the same professional language.

Source: Israeli Diamond Institute (Link)

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