Surprise, surprise, it’s happened again. Once more, we are learning about attempts to defraud, to lie and to cheat.

 

The latest case of unscrupulous people bending the truth to benefit themselves was uncovered by the Gemological Institute of America (GIA), which issued an alert earlier this week saying it suspected that as many as 500 colorless to near colorless diamonds submitted primarily to its laboratory in Ramat Gan, Israel, have potentially been subjected to an undisclosed temporary treatment.

 

While the lab has so far not identified the treatment process, it said it is being researched, and we can assume that there are going to be a number of late nights at the GIA until this one is figured out.

 

What the lab does know is that the treatment is a process that temporarily masks the inherent color of the diamond and can lead to a higher grade, with the color difference being as much as three grades.

 

Perhaps the only comfort in this whole sad saga is that the diamonds found to have been treated using this new treatment have been submitted by just a few clients, which means that hopefully the correct action can be taken against them and the deceit has not been too widespread.

 

Of course, some questions have yet to be answered. Just how was this deception discovered and how did it take more than 500 diamonds until this new treatment was uncovered? Aren’t the labs supposed to be ahead of the game when it comes to spotting such anomalies? Clearly, there are considerations that have yet to be made public. 

 

What we do know is that the Israel Diamond Exchange (IDE) called an extraordinary meeting of its board of directors, with the participation of the presidium of the Israel Diamond Manufacturers Association (IsDMA); the IDE's head of Security, Israel Vantovsky; Police Commissioner (Ret.) Yossi Sedbon and the IDE's Legal Counsel, Adv. Shmuel Ini.

 

At the meeting, the board resolved to identify the suspects and have pledged, in coordination with the relevant parties in the bourse and the appropriate state authorities, to take the needed measures.

 

Ernie Blom, president of the World Federation of Diamond Bourses (WFDB) said he was extremely concerned by the news. "This is clearly unlawful behavior. We will have no tolerance whatsoever for this type of alleged illegal activity. It is crucial that this kind of unlawful action is stamped out…Our industry must come together to counter such activity, both for the good of our members and for the end consumer who is always uppermost in our minds."

 

We can only hope that through the procedure and rules and regulations of the IDE and the WFDB, those who have perpetrated this fraud are caught and removed from the industry, because they are not thinking about the good of the end consumer, or the good of their fellow bourse members in Israel, India, Hong Kong or anywhere else. All they are thinking of is themselves, without taking into consideration how the actions of a few affect the lives and potentially the livelihoods of the many.

 

Have a good weekend.