The rating system is not at all fraudulent if done by one of the three biggest labs: GIA, AGSL, and IGI. The appraisal system is often massively overinflated,

The rating system is not at all fraudulent if done by one of the three biggest labs: GIA, AGSL, and IGI. The appraisal system is often massively overinflated, however. You won't receive anywhere close to what you paid for, much less the the overly inflated appraisal that you got, on the secondary market. Rule of thumb is maybe 30% or less if you bought it from a mall store. But there is a thriving second hand market.