SURAT: Hundreds of diamond consumers in India and abroad have been fleeced by a few diamantaires who altered the gemological reports of low grade diamonds overridden by profit motive.
In a shocking revelation, world's reputed Gemological Institute of America (GIA) has invalidated grading reports for 1,042 diamonds submitted in India as an outside party after gaining unauthorized remote access to its grading information database, altered the gemological reports of low grade diamonds to make them of a higher grade.
Gemological laboratories issue certifications with details of the size, colour, grade, cut and size of diamonds. American Gem Society (AGS) says the highest possible grade is zero and that 10 is the lowest for a diamond. So, a diamond with a colour grade of 3 has less colour than a diamond with a colour grade of 5.
Diamonds having less colour are rare and thus may cost more in the retail market. A diamond cut grade is given first, then its colour, clarity and carat weight information in the certificate as per the AGS grade scale.
Suppose a colour grade of 5 diamond costs $3,000 per carat, upgrading the colour grade at 3 increases its value by more than $5,000. There is a clear profit of $2,000 per carat. GIA has publicized a list of invalidated diamond reports and requested their owners to return the diamonds for re-examination.
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