The Diamond Dealers Club Board of Directors urged Tom Moses, GIA senior vice president, to make public the names of the people involved in the bribery scandal so the DDC could exercise its authority to discipline members of the trade involved in the alleged grading irregularities.
During a two hour meeting with the Board, which was closed to the public, Moses was “repeatedly told of the potential harm to the entire industry by the individuals involved in the bribery scandal,” the DDC said in a statement dated Dec. 1.
Moses was also informed that if the credibility to the grading process was not immediately restored, this could have a harmful impact on the consumer confidence that is so vital to the ongoing operation and success of our industry. Moses reportedly responded to the Board that all the necessary steps were being taken to secure the integrity of the grading process.
The DDC board said that promoting industry integrity must be a continuing objective that requires the cooperation of all segments of the trade. To help achieve this goal, DDC members were urged to report in writing to the organization information on the improper grading of diamonds. This information would be forwarded for action to GIA and other officials, and, used by the DDC to discipline members of the trade involved in grading irregularities.
The board said that it was studying the possibility of securing compensation for damages caused by activities involved in the illegal grading of stones. It also expressed an interest in doing so to ensure that such a practice does not again occur.
The board also said that the industry must be vigilant and tireless in working to maintain the ethical standards for which we have been historically known. And it must be vigorous in enacting and implementing measures to maintain the highest standards of integrity consumers rightfully expect from every segment of the diamond industry.
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