Rough Diamond Tester

INDIA: $438 MILLION ROUGH DIAMOND IMPORT SCAM BUSTED

A scam involving official diamond valuers over-valuing rough diamond imports from Dubai and Hong Kong to India has been exposed by the India’s Directorate of Revenue Intelligence (DRI). According to Gem Konnect, the ₹3,000 crore ($438 million) rough import scam “was used to launder unaccounted funds and transfer them out of the country”.

 

India’s Gem & Jewellery Export Promotion Council (GJEPC) issued a statement saying that the three valuers involved in the scam “had not been vetted or recommended by the GJEPC”, and that the companies involved in the scam were also not members of the GJEPC.

 

GJEPC added in a statement: “It is unfortunate that a group of people who are not members of the GJEPC have used gem and jewellery products as a conduit for money laundering and malpractices”.

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