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Mumbai Bourse Suspends Member for Selling Undisclosed Synthetic Diamonds
Aug 4, 2015 8:39 AM
By Ronen Shnidman
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RAPAPORT... The Bharat Diamond Bourse suspended the membership of VSM Diamonds Private Limited and a number of individuals connected to the firm after finding that they had traded synthetic diamonds without making proper disclosures.
Consequently, the individuals affiliated with the company, and any one representing their interests, are now banned from entering the bourse and trading in it.
The BDB’s announcement follows a previous advisory warning issued in early July that advised BDB members that local members of the diamond trade were selling diamonds with unrelated grading reports. The bourse said that diamantaires it did not name had taken reports from reputable diamond labs and used them with different diamonds, after having the report number inscribed on the inferior diamonds.
The BDB noted in its advisory from July 3 that it had already referred such a case to the police for further investigation.
On Tuesday, Rapaport News reported that the Gemological Institute of America (GIA) had banned Surat-based manufacturer Cristy Gems for improper behavior. GIA accused Cristy and four partner businesses of repeatedly submitting diamonds to the GIA inscribed with the numbers from pre-existing reports that were not issued for those stones.
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Tags:
BDB, Bharat Diamond Bourse, disclosure, GIA, Ronen Shnidman, synthetic, VSM Diamonds Private
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