December 22, 2005
GIA Resolves Pincione Lawsuit
The Gemological Institute of America resolved the civil lawsuit filed gainst
it by Max Pincione and Cimabue Ltd. "We are pleased this matter is behind
us. Following a thorough independent investigation, the public can continue
to have full confidence in the integrity of GIA's diamond grading reports.
As a public service, we have set up a program to re-examine any diamond that
we graded free of charge if an owner has any concerns," said Ralph Destino,
chairman of GIA.
"GIA has long been the standard bearer for quality in the diamond industry.
We are fully committed to assuring the diamond trade and consumers that they
can count on GIA to uphold these standards. We will continue to enhance and
strengthen our policies and procedures and will not tolerate any ethical
violations by our employees or clients."
"The civil action filed by Max Pincione against GIA has been resolved." said
Joseph Tacopina, Pincione's lawyer. "After reviewing the GIA grading
reports, the parties agreed that the grades at issue involved areas of
subjectivity and fell within industry standards."