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No, fluorescence in diamonds is not indicative of either quality or genuineness. It's just a fact that some diamonds do and some don't. Among professional graders, fluorescence is frowned upon, as grading for color is slightly harder when the stone reacts to the light source. A disreputable jeweler might put a higher color grade on a fluorescent stone, just because it would appear higher under sunlight or tube fluorescent bulbs.
Here's the best demonstration I can think of. Go to a nice jeweler and pick out a large cluster ring. Test it with a UV light. Probably less than a third of the stone will glow brightly and about the same number not at all, yet under regular light, they all appear well matched for color and brilliance.
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