RapNet


Rapaport News

 

Polished Markets

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Mumbai Bourse Suspends Member for Selling Undisclosed Synthetic Diamonds

Aug 4, 2015 8:39 AM   By Ronen Shnidman
Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... The Bharat Diamond Bourse suspended the membership of VSM Diamonds Private Limited and a number of individuals connected to the firm after finding that they had traded synthetic diamonds without making proper disclosures.

Consequently, the individuals affiliated with the company, and any one representing their interests, are now banned from entering the bourse and trading in it.

The BDB’s announcement follows a previous advisory warning issued in early July that advised BDB members that local members of the diamond trade were selling diamonds with unrelated grading reports. The bourse said that diamantaires it did not name had taken reports from reputable diamond labs and used them with different diamonds, after having the report number inscribed on the inferior diamonds.

The BDB noted in its advisory from July 3 that it had already referred such a case to the police for further investigation.

On Tuesday, Rapaport News reported that the Gemological Institute of America (GIA) had banned Surat-based manufacturer Cristy Gems for improper behavior. GIA accused Cristy and four partner businesses of repeatedly submitting diamonds to the GIA inscribed with the numbers from pre-existing reports that were not issued for those stones.
Tags: BDB, Bharat Diamond Bourse, disclosure, GIA, Ronen Shnidman, synthetic, VSM Diamonds Private
Similar Articles
The Diamond Office in AntwerpBelgium Diamond Shipments Drop
Oct 22, 2019
Belgium’s diamond trade slowed in September, continuing adownward trend for...
Rapaport Weekly Market Comment
$14M Blue Diamond to Headline Christie’s Geneva
Lab-Grown Sector Gears Up for Eco Audit
DPADPA Chief Lieberherr Steps Down
Oct 15, 2019
Jean-Marc Lieberherr has resigned as CEO of the DiamondProducers Association (DPA),...
Diversity: A Business Opportunity
Rapaport Weekly Market Comment
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us