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Nirav Modi
US Firms Aided $4B Modi Fraud, Probe Finds
Nirav Modi’s US jewelry businesses were directly involved in the Indian fugitive’s alleged billion-dollar bank fraud, a court examiner has concluded. Mihir Bhansali, the CEO of Firestar Diamond, Fantasy and A. Jaffe, as well as Ajay Gandhi,...
Financial-Legal Aug 28, 2018 Joshua Freedman
Nirav Modi 150
India Seeks Interpol’s Help in Hunt for Modi
Indian authorities have called on Interpol to help trackdown Nirav Modi, according to Reuters, following reports the fugitive jeweleris in the UK. The nation’s federal law-enforcement agency has asked the internationalpolice organization to issue a “red...
Financial-Legal Jun 13, 2018 Rapaport News
GIA 150
GIA Spots Treatment Fraud with 6ct. Polished
The Gemological Institute of America (GIA) has uncovered atreated diamond carrying a false inscription that fraudsters had apparentlycreated to make the stone appear untreated. Swindlers appear to have carefully selected a grading reportfor an untreated diamond...
Polished Markets May 30, 2018 Rapaport News
Gemfields
Nirav Modi Crisis Hits Gemfields
Proceeds slumped at Gemfields’ May auction ofhigher-quality rough emeralds as the Nirav Modi fraud case hurt Indian demand,the miner reported last week. Most of the company’s emerald clients are based in India,where the gemstone...
Gemstones May 27, 2018 Rapaport News
A Jaffe 150
US Court Stalls $8M Sale of A. Jaffe
The sale of A. Jaffe’s assets to Parag Diamonds is off forthe time being.The “sale motion” — a proposal to auction off A. Jaffe — has been withdrawn, according to a court notice the company’s lawyers filed last week. Parag, also...
Financial-Legal May 24, 2018 Rapaport News
Gitanjali 150
Gitanjali Loses Sightholder Status
De Beers has terminated the sightholder status of Gitanjali Gems following fraud allegations against the Indian jeweler’s managing director,Mehul Choksi. De Beers took the decision in February, meaning Gitanjalican no longer make any purchases from...
Financial-Legal Apr 16, 2018 Joshua Freedman
Podcast Nirav Modi 150
The Rapaport Diamond Podcast: Corruption
On the heels of the alleged $2 billion Nirav Modi fraud, theRapaport Diamond Podcast has taken a close look at industry corruption.In the show’s fourth episode, “Fraud, Corruption and theRed Carpet,” the Rapaport editorial team...
Polished Markets Mar 26, 2018 Rapaport News
Nirav Modi store
What We Know About Nirav Modi’s US Companies
The $2 billion fraud allegations against Indian jewelrytycoon Nirav Modi and Gitanjali Gems chief Mehul Choksi have shocked theindustry, as well as raising questions about the wider impact on the trade.One of the first casualties...
Financial-Legal Mar 07, 2018 Joshua Freedman
Gitanjali Chief Tells Staff to Find New Jobs 150
Gitanjali Chief Tells Staff to Find New Jobs
Gitanjali Gems managing director Mehul Choksi has told the company’s employees to look for another job, as asset seizures have made it impossible to pay salaries, The Times of India reported.Indian authorities are investigating Choksi...
Financial-Legal Feb 25, 2018 Rapaport News
Rapaport Research Report: India in Focus 150
Rapaport Research Report: India in Focus
India holds a dominant position in the diamond industry, coming closer than any other market to spanning the entire pipeline. Besides its extensive rough and polished trade, it has made a name for itself in jewelry-making,...
Polished Markets Feb 22, 2018 Avi Krawitz
India Bank Allegations Widen 022118 150
Investigation into $1.8B Jewelry Fraud Intensifies
Indian authorities have reportedly arrested five senior executivesat Nirav Modi Group and Gitanjali Gems as investigations continue into amassive fraud case involving the two companies.Punjab National Bank (PNB) has alleged the...
Financial-Legal Feb 21, 2018 Joshua Freedman
Sarine Files India Lawsuit 150
Sarine Sues Rose Gems for Alleged Fraud
Sarine Technologies has filed a lawsuit against Indianmanufacturer Rose Gems, alleging breach of contract and fraud, thediamond-technology company said Sunday. The suit, which also alleges copyright infringement, relatesto activities Sarine initially reported...
Financial-Legal Feb 19, 2018 Leah Meirovich
Nirav Modi Accused of Bank Fraud 150
Nirav Modi Under Investigation for Bank Fraud
India’s Central Bureau of Investigation (CBI) has launched aprobe into billionaire jeweler Nirav Modi over allegations he defrauded a statebank of $44 million, Reuters reported.The Punjab National Bank complained to the CBI that Modi andothers...
Retail Feb 11, 2018 Rapaport News
Sarine Galaxy
Sarine Unit to Sue over Alleged Fraud
Sarine Technologies subsidiary Galatea will be taking legalaction against a manufacturer in Surat, India, claiming fraudulent use ofSarine’s Galaxy inclusion-mapping technology and software, the companyannounced Thursday. Galatea noted a long-term discrepancy between the weights...
Technology Jan 07, 2018 Rapaport News
Jewelry online ecommerce fraud e-commerce
Jewelry Sector a ‘Favorite for Fraudsters’ Online
E-commerce fraud increased 13% in the jewelry industryover the past year, according to a recent report by fraud-protection companySignifyd.Fraudulent payments accounted for 13.3% of online jewelrytransactions during the first quarter of 2017 in terms of dollar sales, thecompany...
Financial-Legal Jun 26, 2017 Rapaport News
Crime-Yellow Tape
Gang of Diamond Fraudsters Arrested
New York police have arrested 10 men accused of defraudingwholesalers out of diamonds valued at more than $9 million, the US Attorney’sOffice for the Southern District of New York announced.The accused wrote bad checks, forged documents and...
Financial-Legal Apr 06, 2017 Rapaport News
Bharat Diamond Bourse
India Focuses on Fighting Fraud
India has beefed up its diamond disciplinary capabilities to put astop to bankrupt traders setting up new companies to escape debts and curb other fraudulent activities.The new Trade Disciplinary Committee will have more power totarget...
Financial-Legal Jan 05, 2017 Joshua Freedman
Crime-Yellow Tape
Jewelry Crime Drops as Security Improves
Losses from crime against the diamond, jewelry and watch industry decreased 7.2percent to $30.8 million in the first half of the year, according tothe Jewelers’ Security Alliance (JSA). The number of crimes also fell,...
Financial-Legal Aug 09, 2016 Rapaport News
Antwerp court
Traders Sentenced for Bribing Antwerp Lab Worker to Inflate Color Certificates
Four diamond traders have received prison sentences for bribing an HRDAntwerp laboratory worker to award them inflated color-grade certificates, theAntwerp World Diamond Centre (AWDC) said in a statement.The accused, whom the AWDC did not...
Financial-Legal Nov 15, 2015 Rapaport News
insolvency
U.K. Bans Directors From Three Diamond Investment Schemes
The Insolvency Service (TIS) of the U.K. disqualified three directors of Cohen Stones Ltd., Imperial Assets Solutions Ltd. and Tudor Global Ltd. from a "director" role at any firm for more than a decade after...
Financial-Legal Jul 24, 2015 Jeff Miller
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