GIA Cert Fraud Uncovered in Surat

Local

police in Surat have arrested a man who used existing GIA certificates to sell diamonds of inferior quality than the original diamonds. The authorities seized a large sum of money, 24 GIA certificates, a number of diamonds and a laser inscribing machine, used to inscribe the GIA certificate numbers on the diamonds. The man in question received the certificates for high value diamonds from other traders, without buying the original diamond corresponding with the GIA certificate, and approached less experienced traders to sell the inferior diamonds at a much higher price than the actual worth of the stones.

[photo: Times of India]