Besides being the only gemological lab with active presence and operations in nearly every continent, the IGI is the oldest gemological laboratory in Antwerp, the world’s biggest diamond center. This feat speaks to the IGI’s experience and reputation as a jewelry grader.
The idea behind establishing gemological labs was to enhance the diamond trade by offering accurate grading reports to diamond dealers. Hence, by default, most of these labs ought to have been based in diamond-mining countries, although, for justifiable reasons, this is not the case.
Most diamonds are not processed in their countries of origin. Africa is a significant producer of rough diamonds, and so is the Democratic Republic of Congo, which has been producing diamonds since immemorial. However, no serious diamond processing firms have been established around the mining sites to date. Therefore, the DRC exports nearly all its diamonds to other countries, where they are cut, polished, and graded.
Most countries where much of the processing occurs may have few active diamond mining sites; a case in point is India. In light of this, the IGI sought to open up operational bases in diamond-processing regions. That way, diamond vendors would comfortably have their diamonds graded locally. For the most part, the IGI did succeed in eliminating geographical limitations. Moreover, the institute offers a range of services, the most common of which is its independent diamond grading.
Other services by the IGI include:
- Identification and appraisal of gems, thereby issuing reports.
- Authentication and attestation of the origins of diamonds.
- Laser inscription services.
- Offering courses on diamonds and other colored stones through their School of Gemology.
Presently, the IGI issues over one million reports annually. This high number results mainly from the organization’s ability to cater to corporate diamond dealers and individual investors. Modern-day consumers have also become more jewelry conscious. When the idea of diamond grading was conceptualized, vendors mainly used it as a pricing mechanism. Nowadays, consumers are keen on learning about the details of the diamonds they wish to buy, implying that the focus is on information and not only on whether the value matches the price asked.
Apart from diamond vendors, consumers, and individual investors, the IGI caters to several other market segments, such as insurance corporations, catalog companies, internet sales organizations, and accounting and securities firms.