Advanced Search

Indian Police Bust Counterfeit Diamond Scam

Sep 14, 2021 5:19 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

Police in India have uncovered a fraud scheme involving lower-quality diamonds bearing counterfeit Gemological Institute of America (GIA) inscriptions belonging to higher-quality stones.

During their investigation in August, authorities seized several diamonds and grading reports in Surat, the GIA said Monday. The GIA’s India lab examined them, determining that some of the reports were genuine GIA ones, while others were fakes filled in with legitimate GIA report numbers.

Many of the diamonds with inscriptions that matched reports for natural and untreated stones were actually lab-grown or lower-quality treated goods, the lab also noted.

The police have not yet apprehended the fraudsters.

“GIA India is continuing to cooperate with local authorities,” the GIA added. “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.”

Image: A GIA grading report. (Gemological Institute of America)
Tags: Diamond Scam, diamonds, Gemological Institute of America, GIA, India, lab-grown stones, Rapaport News
Similar Articles
Rapaport LogoRapaport Weekly Market Comment
May 26, 2022
News: Polished trading sluggish but suppliers to large jewelry retail brands doing well. Expectations rising
IGI 140IGI Grades Largest Polished Lab-Grown
May 25, 2022
The International Gemological Institute (IGI) has graded a 27-carat lab-grown stone that it claims is the world’s
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2022 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.