RJ Market Watch
GIA Statement on Fraudulent Diamond Grading Reports in India
CARLSBAD, CA — In mid-August, as reported in the media, police in Surat, India, uncovered a fraudulent scheme involving counterfeit inscriptions linking lower-quality diamonds to GIA diamond grading reports for higher-quality stones. In the investigation, police seized several diamonds and what appeared to be several GIA diamond grading reports.
The police requested assistance from GIA India Laboratory Pvt. Ltd. (GIA India) in determining the characteristics of the seized diamonds and reports. GIA India determined that some of the reports were legitimate GIA reports and some were counterfeits using legitimate GIA report numbers. GIA India also determined that of the diamonds presented with reports stating they were natural, untreated diamonds, most were treated or laboratory-grown diamonds.
GIA India is continuing to cooperate with local authorities. In addition, GIA India requested the police conduct the necessary investigations and take the necessary steps to identify and arrest the perpetrators of these malicious acts against GIA and the innocent people who this fraud may have deceived.
This unfortunate situation reinforces why it is important, especially in any transaction where the buyer does not have a trusted relationship with the seller, to have the diamond grading report updated by GIA before completing a purchase.
Courtesy: Instore
With ‘Uncut Conversations’, Zaveri Bros Diamonds & Gold seeks to build deep, meaningful customer relationships
Thangals Jewellery celebrates International Women’s Day by recognizing employees at its all-women showroom in Dubai
Kirthi Diamonds’ new capsule collection is influenced by iconic characters and elements from Harry Potter films
Abharan Jewellers’ contest asks brides-to-be to document their in-store wedding jewellery shopping journey
India has overtaken China to become second largest diamond market: De Beers CEO Al Cook
US-based private equity firm Advent International to acquire Orra Fine Jewellery, say media reports
The House of Rose debuts in Mumbai with a 21,000 sq. ft. experiential concept space showcasing fine jewellery and luxury watch brands
Eminent jeweller Viren Bhagat sets up first global boutique in London’s Mayfair
Wide Angle4 weeks agoIndia has overtaken China to become second largest diamond market: De Beers CEO Al Cook
- Daily News1 month ago
US-based private equity firm Advent International to acquire Orra Fine Jewellery, say media reports
- Exclusive2 months ago
The House of Rose debuts in Mumbai with a 21,000 sq. ft. experiential concept space showcasing fine jewellery and luxury watch brands
- Wide Angle1 month ago
Eminent jeweller Viren Bhagat sets up first global boutique in London’s Mayfair
