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Essay on 24 Karat Club Case Study

Thank you, Niveet, for that lovely introduction. It’s a pleasure to be with all of you tonight at the 24 Karat Club of Southern California. This organization shares many of the values and visions of the American Gem Society, such as a commitment to excellence and business ethics. Al Woodhill, who was our executive director for many years, always made a point of attending the 24 Karat Club dinners. The Society’s roots are here in Southern California, so in many ways, this is like a homecoming for us, and it’s a beautiful homecoming because tonight’s Lifetime Service honoree lived here as well.

In fact, it’s fitting on many levels that Peter Yantzer would be honored tonight with the Lifetime Service Award, as he has spent his career serving the ideals our two organizations share. This is the first time this award has been given, and Peter, as anyone who knows him can attest, has been involved in many industry firsts. One of his biggest firsts is where my story with Peter picks up. Twenty years ago, he walked into the world of the American Gem Society. He came with some pretty specific, pretty tall marching orders: create a Lab with the highest standards of diamond grading and a mission of consumer protection.

Many people applauded us for launching the Lab… and many people thought we were crazy. There were already other more established labs out there and here we were, a not-for-profit with a large vision. A lot of people told us we wouldn’t make it. Twenty years later, we are still here, and we’re going strong. What the naysayers didn’t count on was our secret weapon. Peter Yantzer. I was there with Pete in the very beginning, and what I remember most was the long hours, the seven day work weeks, and what was then our laboratory, which by the way, was a room that years later would be converted into our board room.

If you’ve seen our board room, it’s a good size as for as that goes, but for a Lab, it illustrates our humble beginnings. Thankfully we’ve come a long, long way. Pete’s dedication, passion, skill and talent helped drive AGS Laboratories during those very early days. Like any business in our industry, starting a diamond grading laboratory can be daunting. You need skilled labor, equipment… you need clients! We were fortunate to have dedicated members of the American Gem Society support our vision and help us flourish in those first couple of years.

And I know, looking back, even if we had all the other pieces in place, one of the reasons we succeeded is because of Pete. Your organization is only as strong as the people in it, and Pete helped us build a fortress. The mark he left on our Lab is indelible. I’ve enjoyed working with him, and have grown to consider him a friend. Fast Forward to 2005. A bright-eyed genius entered the AGS world. He had some tall marching orders, as well when he joined the Research and Development team, led by Pete.

We once again had a vision: revolutionize the diamond industry with the most advanced cut grade system yet, which, in turn, would give consumers even more thorough and consistent diamond grading reports. This young genius took the challenge and was an integral part of that vision. Pete noticed it. He took him under his wing and spent the next ten years grooming him. Today, Jason Quick, our director of the Laboratory, is not just taking over the reins of AGS Labs when Pete leaves, he is carrying on the legacy.

I don’t want you think he’s Pete 2. 0. That’s impossible. There is only one Pete. And there is only one Jason. But Pete has groomed him, and as he’s been to me, he’s been a friend to Jason. It’s been an honor to have one of the world’s best gemologist in the lab. I was privately coached and taught how to grade a diamond by The Pete Yantzer-so were many of graders and that is one reason why we have the reputation we do for consistency and accuracy. Pete’s influence is the foundation for our reputation, and it will carry on in the future.

He’s staying on with us in a consulting capacity for a few more years, so we don’t really have to say goodbye, not that we ever would. Pete my friend, I’m glad that I’ll continue seeing you when you come in to the Lab, and it’s good to know that you are just a phone call away. Thank you for all you have done for us. Thank you for giving consumers a diamond grading report from a lab created for their protection. The AGS is better because of you, the science of gemology is better because of your efforts. The art of cutting a diamond is better and most importantly, the jewelry buying public is better off because of you.

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