The Gemological Institute of America (GIA) has announced its plan to close its diamond grading laboratory in Ramat Gan, Israel, by the end of 2024, after 12 years of operation.
According to a statement from GIA, the decision to close the lab was driven by "changes in the global diamond industry that resulted in significant declines in submissions from local clients over the last several years." Despite efforts to reduce costs and lower staffing levels, the laboratory has become financially unsustainable.
The Ramat Gan facility will continue to grade and return diamonds that have already been submitted. After November 17, the lab will still accept diamonds, but these will be sent to other GIA labs for grading.
Once the lab closes, GIA will designate a third party to handle submissions from walk-in clients in Ramat Gan, directing them to other GIA laboratories for service. Further details about the transition will be provided by GIA at a later date.
This closure follows GIA's 2022 shutdown of its lab in Antwerp, Belgium. After the closure in Israel, GIA will continue to operate 11 laboratories worldwide, including facilities in New York City and Carlsbad, California.