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Articles from DIAMONDS BY CUT - BRILLIANT (ROUND) (278 Articles), DIAMOND GRADING LABORATORY / CERTIFICATION (68 Articles)












Ten diamond traders are believed to have been involved in a grading report alteration scheme
Ten diamond traders are believed to have been involved in a grading report alteration scheme

Diamond scandal: RapNet suspends members

Online diamond trading network RapNet has suspended 10 members in relation to the alteration of more than 1,000 GIA grading reports.

According to a company statement, the members have been banned by RapNet and the Gemological Institute of America (GIA) pending further investigation.

It was alleged the members had participated in a scheme that involved hacking into the GIA computer system and fraudulently upgrading 1,042 diamond grading reports.

As previously reported by Jeweller, the GIA issued an alert in October invalidating the modified reports. The organisation posted a list of the altered reports – including the names of the clients that submitted the diamonds – and called on industry members in possession of the stones to return them immediately.

RapNet also published the list and removed the diamonds involved in the matter, as well as all stones listed by the suspended members, from its platform.

The suspended members were A Lallubhai & Brothers, Admg Diamonds, Darshna Gems, Dirgh Diamond, Mahima Gems, Nidhi Impex, Pansuriya Impex, Shree Yogeshwar Gems, Sitaram Gems, and Unity.

In addition, the GIA announced last month that two former employees of Tata Consultancy Services – the contractor responsible for supporting the GIA’s databases – had been taken into custody as part of the investigation.

Jeweller approached the GIA for further information on the development but a spokesperson stated that there were no updates at the time.

RapNet, owned by Rapaport Group, claims to be the world’s largest online diamond trading network with more than 14,000 members in 88 countries.

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Monday, 20 November, 2017 01:02am
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