Indian Police Bust Counterfeit Diamond Scam

RAPAPORT... 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)