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London Diamond Bourse Releases Guide to Preventing Investment Scams
Jan 27, 2016 6:36 AM
By John Costello
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RAPAPORT... The London Diamond Bourse published
consumer advice to prevent the public from becoming victims of “boiler-room”
scams claiming to sell highly lucrative investment diamonds.
The advice, available on the public area of the London Diamond Bourse
website, was developed by the gem exchange and the U.K.’s Insolvency Service,
the bourse said in a statement January 26. Simon Rainer, a former chief
executive officer of the British Jewellers Association, was a consultant for
the project.
Victoria McKay, chief operating officer of
the London Diamond Bourse, said investors have been “duped” into thinking they
have made a sound financial decision but later find they have difficulty accessing
the gems they have bought and that the stones have depreciated from the
purchase price. They also encounter issues with value-added tax when bringing
the stones back to the U.K., McKay added.
“We work
closely with a number of partners to stop unscrupulous companies ripping off
vulnerable investors and welcome this initiative by the London Diamond Bourse
to prevent people from being mis-sold diamonds at grossly inflated prices for
investment,” said Chris Mayhew, company investigations supervisor for the
Insolvency Service.
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Tags:
boiler-room scams, consumer advice, financial, investment diamonds, John Costello, London Diamond Bourse, Rapaport News, scams
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