GIA announced today that the civil lawsuit filed by Max Pincione and Cimabue Ltd. has been resolved. Ralph Destino, Chairman of GIA, said, “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.”

Mr. Destino added, “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.” Joseph Tacopina, Max Pincione’s lawyer, said, “The civil action filed by Max Pincione against GIA has been resolved. After reviewing the GIA grading reports, the parties agreed that the grades at issue involved areas of subjectivity and fell within industry standards.”