GJEPC, BDB & GIA Con­tinue In­ves­ti­ga­tion Into In­val­i­dated Re­ports

Solitaire - - SPECTRUM -

The Ge­mo­log­i­cal In­sti­tute of Amer­ica (GIA) is work­ing closely with its data­base sup­port con­trac­tor Tata Con­sul­tancy Ser­vices (TCS) and the In­dian po­lice to fur­ther the in­ves­ti­ga­tion of this fraud against the trade.

“Based on the se­ri­ous­ness of the is­sue, GJEPC and Bharat Di­a­mond Bourse (BDB) have jointly con­sti­tuted a Stand­ing Com­mit­tee to look into the mat­ter. In or­der to bet­ter un­der­stand the in­tri­ca­cies, the Com­mit­tee has in­di­vid­u­ally met some of th­ese par­ties over the past three weeks and also held ex­ten­sive meet­ings with se­nior of­fi­cials from GIA and TCS,” said Praveen­shankar Pandya, chair­man of the Gem & Jew­ellery Ex­port Pro­mo­tion Coun­cil (GJEPC).

The two for­mer TCS em­ploy­ees who made the unau­tho­rised changes to the GIA grad­ing in­for­ma­tion data­base were ar­rested and GIA has sus­pended the client ac­counts through which the di­a­monds in ques­tion were sub­mit­ted. The po­lice in­ves­ti­ga­tion con­tin­ues; GIA will share new in­for­ma­tion about the in­ves­ti­ga­tion that arises.

“The mat­ter is now un­der po­lice in­ves­ti­ga­tion and the re­sults of the in­ves­ti­ga­tion are awaited. Mean­while, we as­sure the trade that we are view­ing the is­sue very se­ri­ously. If any mem­ber of the in­dus­try is found to be guilty, ap­pro­pri­ate and stern ac­tion will be taken by both the as­so­ci­a­tions,” as­sured Anoop Me­hta, pres­i­dent BDB.

To ad­dress con­cerns in the trade fol­low­ing the an­nounce­ment of the in­val­i­dated re­ports, GIA will of­fer a no-cost con­fir­ma­tion ser­vice for any di­a­mond grad­ing re­port orig­i­nally is­sued from Novem­ber 2014 through Oc­to­ber 2015. Any­one with a GIA grad­ing re­port orig­i­nally is­sued in that time­frame, who is con­cerned about the ac­cu­racy of the re­port, may sub­mit the orig­i­nal re­port and the ref­er­enced di­a­mond to any GIA lo­ca­tion for a con­fir­ma­tion ser­vice at no charge. The no-cost con­fir­ma­tion ser­vice will be avail­able un­til Jan­uary 30, 2016. The di­a­mond and orig­i­nal re­port must be sub­mit­ted to­gether us­ing the ser­vice name ‘con­fir­ma­tion ser­vice’ to ob­tain the no-fee in­voice.

The 1,042 in­val­i­dated re­ports are a very small per­cent­age of the di­a­mond grad­ing re­ports is­sued by GIA from Novem­ber 2014 through Oc­to­ber 2015. To date, only 175 of the di­a­monds with al­tered re­ports have been re­turned to GIA for ex­am­i­na­tion. It is im­per­a­tive that all of the di­a­monds and their re­ports be re­turned to GIA for ex­am­i­na­tion to re­move the fraud­u­lently al­tered re­ports from the mar­ket.

“The di­a­mond trade must hold those who would com­mit such fraud­u­lent acts ac­count­able for their ac­tions. The co­op­er­a­tion of the trade is vi­tal as GIA works to fully ad­dress this fraud. GIA will con­tinue to fo­cus on build­ing con­sumer con­fi­dence and trust by mak­ing pub­lic any ef­fort by any in­di­vid­ual, com­pany or or­gan­i­sa­tion to de­fraud the trade or con­sumers,” GIA said.

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