The inscriptions were linked to GIA grading reports that indicated the accompanying diamonds had higher-quality characteristics than they actually did, the publication said.
The accused allegedly “targeted comparatively less-experienced businessmen,” a police inspector told the newspaper.
On Monday, GIA issued a statement updating the trade on what happened in August. Once the alleged scheme was discovered, the police seized the stones and accompanying reports. The authorities also requested assistance from the GIA India laboratory in determining the diamonds’ true characteristics.
The lab determined that some of the reports were in fact from GIA, while others were counterfeits that included legitimate GIA report numbers, the statement said. The lab also reported that most of the diamonds involved were treated or lab-grown diamonds—while the accompanying reports were for natural, untreated diamonds.
GIA India is continuing to cooperate with local authorities, according to the statement.
“GIA India requested the police conduct the necessary investigations and take the necessary steps to identify and arrest the perpetrators of these malicious acts against GIA and the innocent people who this fraud may have deceived,” the statement said.
The statement closed by reminding the trade to always have a diamond grading report updated by GIA before completing a purchase, particularly in transactions where the buyer does not have a trusted relationship with the diamond seller.
In May, GIA said that its lab had encountered more lab-grown diamonds bearing phony inscriptions linked to reports for natural gems, primarily coming from Hong Kong.
The accused businessman and local Indian authorities could not be reached for comment by time of publication. The Gem & Jewellery Export Promotion Council did not respond to a request for comment. The GIA declined further comment.
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