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| GIA FIRES LAB EMPLOYEES AND WILL TAKE STEPS AGAINST CORRUPT CLIENTS |
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| 19 October 2005 |
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| The Board of Governors of The Gemological Institute of America, Inc. ("GIA") announced today that a Special Committee of the Board has completed a comprehensive review of the policies and practices currently in place at the GIA Laboratory. The review was initiated as a result of a lawsuit filed in the spring of 2005 by Max Pincione, which named GIA as one of four defendants. GIA is continuing to defend itself vigorously in that litigation. |
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