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RapNet, the diamond trading network from Rapaport, has suspended 10 members pending further investigations surrounding alleged falsifications of Gemological Institute of America (GIA) reports.
RapNet said the members have also been suspended by the GIA for allegedly participating in a scheme that hacked into the GIA’s computer system and upgraded 1,042 GIA grading reports.
The GIA has issued laboratory alerts invalidating the grading reports and naming the suspended members.
The names of the suspended Rapnet Members include; A. Lallubhai & Brothers, Admg Diamonds Pvt. Ltd, Darshna Gems, Dirgh Diamond Pvt. Ltd., Mahima Gems, Nidhi Impex, Pansuriya Impex, Shree Yogeshwar Gems, Sitaram Gems and Unity (HK).
Anyone in possession of the listed diamonds or invalidated grading reports has been urged to immediately return them to the GIA. Rapaport clients can return grading reports and diamonds to Rapaport offices in New York, Ramat Gan, Mumbai and Hong Kong.
Additional information and a list of all the diamonds and the companies that submitted them is available on RapNet’s website.
