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All That Glitters: Fraud in the Diamond World


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To quote Shakespeare… “All that glitters is not gold.”

It is a phrase that has cemented itself into modern English–expressing the important truth that not everything that looks valuable is valuable. And it is just as true of diamonds as it is of gold. 

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Recently diamond grading organization, HRD Antwerp, announced that it had accepted bribes to certify diamonds with better grades than the stones actually deserved. In a statement released by the company a few days ago, they promised to decline doing further business with the client involved in the scandal, and to provide free evaluations of some 150 diamond certificates suspected of fraudulent grading.  Furthermore, three employees of HRD Antwerp\’s Mumbai lab were fired in connection to the case. 

In spite of all the steps taken by HRD to remedy the situation, it is still disconcerting news in a world that can be confusing already. Buying a diamond is one of the biggest, and therefore, most exciting yet formidable purchases most people will make in their lifetime.

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Here are a few tips on how to have the best diamond buying experience you can: 

  1. Do business with someone you trust. This is the best way to feel confident in your diamond buying experience. Get to know the person who is sharing their expertise with you and guiding you through the process. Definitely don\’t skimp when it comes to investing in the relationship, which will hopefully continue through many happy occasions in the coming years. 
  2. Educate yourself. Learn as much as possible about how diamonds are graded. Get to know the four “C”s of diamonds–Color, Cut, Clarity and Carat weight. And don\’t feel shy about asking questions! Your consultant should be happy to share their expertise with you. 
  3. Be as hands on as possible. Use the knowledge that you\’ve acquired to take an active part in your diamond\’s selection. Look at the diamonds and ask questions about the pros and cons of each stone. Ask to see the diamonds you are looking to buy with a microscope, which is much easier to use than a jewelers loupe. And enjoy the process!

Our staff would love to help you with your diamond search! Please let us know if we can help you in any way.

Sources: 

“All That Glitters is Not Gold.” Literary Devices. N.D. Web. 14 September 2016. http://literarydevices.net/all-that-glitters-is-not-gold/

“HRD Antwerp Fires 3 Employees For Tampering With Diamond Reports.” The Israeli Diamond Industry. 11 September 2016. Web. 14 September 2016. http://en.israelidiamond.co.il/News.aspx?boneId=918&objid=17446

Robinson, Albert. “HRD Antwerp Uncovers Grading Discrepancy at Mumbai Lab, Bans Client.” Idex Online. 11 September 2016. Web. 14 September 2016. http://www.idexonline.com/FullArticle?Id=42435

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