Gemological Institute of America recently invalidated grading reports for 1,042 diamonds when it found that quality parameters of stones were fraudulently altered
Mumbai : The Gem Jewellery Export Promotion Council (GJEPC) and Bharat Diamond Bourse (BDB) have jointly constituted a standing committee to look into invalidated grading reports for 1,042 diamonds after it was found that colour and clarity of these stones were fraudulently altered.
Gemological Institute of America (GIA) recently invalidated grading reports for 1,042 diamonds when it found that quality parameters of the stones were fraudulently altered. Subsequently, they published the list of clients who submitted these stones. Their accounts have also been suspended.
Last month, two employees of Tata Consultancy Services (TCS), India’s biggest software exporter, were taken into police custody for allegedly tampering with the database of the GIA and altering diamond grading reports. TCS provides database services to the GIA.
The tampering came forth due to discrepancies in grading information identified by internal controls and the GIA initiated an investigation together with TCS. “Based on the seriousness of the issue, GJEPC and Bharat Diamond Bourse have jointly constituted a standing committee to look into the matter. In order to better understand the intricacies of the matter, the committee has individually met some of these parties over the past three weeks and also held extensive meeting with senior officials from GIA and TCS”, GJEPC Chairman Praveenshankar Pandya said in a statement.
In a revelation by GIA and TCS, it has emerged that the fraud involved present and ex-employees of TCS and grades of 1,042 stones were altered at the behest of certain parties.
“The matter is now under police investigation and the results are awaited. Meanwhile, we assure the trade that we are viewing the issue very seriously. If any member of the industry is found guilty, appropriate and stern action will be taken by both the associations”, BDB President Anoop Mehta said.
