Connect with us

Hi, what are you looking for?

Jewish Business News

Natural Resources & Energy

Israeli Lab Suspected of major diamond fraud

Diamonds Stay in South Africa

The Gemological Institute of America (GIA) has sent out a laboratory alert recalling 424 diamond grades. The diamonds were treated with a process that temporarily improved their color by up to three levels. They were submitted first to GIA’s grading laboratory in Ramat Gan, Israel, and were potentially subjected to an undisclosed temporary treatment.

The GIA has “terminated submissions” from the following clients who submitted treated diamonds without disclosure:  LYE Diamonds, E.G.S.D. Diamonds, Abramov Romok and Yair Matatov. Pending further investigation, RapNet and the Rapaport Group has suspended service to these companies and to the following individuals who are believed to be associated with the companies: Nati Yizrov, Gavriel Yelizarov and Yair Matatov. RapNet will also de-list all diamonds with recalled grading reports and will be contacting those listing such stones for sale.

A full list of the grading report numbers and the companies that submitted the diamonds to GIA are listed HERE as part of the GIA alert. You can also download this file.

GIA has not yet identified the treatment process, but it is being researched. At this time, the diamonds in question have been submitted by just a few clients.

GIA asks that anyone who has purchased or holds these diamonds re-submit them to any GIA location for review. GIA will expedite the service, and no fee will be assessed. It terminated submissions from the clients who have submitted these diamonds.

 The diamonds and the canceled reports may be sent to GIA for expedited free re-grading service. They may also be delivered to Rapaport offices in Israel, India and Belgium for this free service.

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.