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17000cts fraud

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trichrome

Shiny_Rock
Joined
Dec 9, 2002
Messages
397
The Indian Owner of a diamond company just disappeared with
17000cts of polished diamonds....at least a 50.000.000US$ loss...

and this company was in operation for the last 20 years...

So who can you really trust in this business?

Trichrome.

This info is from Rap news.
 

rbjd

Shiny_Rock
Joined
Feb 4, 2003
Messages
154
I saw this too and I was surprised nobody had posted about it yet.

One other interesting aspect of the article was the suggestion that a lot of polished is being shipped out on credit because there is a glut of polished diamonds right now. Rapaport was a little vague about that situation.

Anybody else have any comments about these most interesting news items?
 

mike04456

Brilliant_Rock
Joined
Nov 20, 2002
Messages
1,441
The international wholesale market is a zoo right now. Much of this is the result of upheaval from De Beers's SOC program, but in fairness they're just being forced to react to major changes in the rough market.

That Indian diamantaire will be found. You can't dispose of 17,000 carats of polished without attracting attention, and it's not like he can just fly to NY or Antwerp and expect anyone to buy from him out of the blue. That's enough diamonds to fill a liter bottle of water and it's apparently all melee (under 15 points). You can only sell that stuff in parcels, and the only people who buy those kinds of parcels are jewelry manufacturers who already have established suppliers. So he's got $50 millon worth of diamonds no one will buy. I suppose he could try selling them to Al Queda or the mob, but the likely result of that is his gettting paid with a bullet in the back of his head since they're sure to know the diamonds are stolen.

I suspect he'll figure this out soon enough and turn himself in.
 

mike04456

Brilliant_Rock
Joined
Nov 20, 2002
Messages
1,441

----------------
On 7/18/2003 5:18
3 PM Furthermore wrote:
It`ll sell. Not necessarily in NYC or Antwerp, but it WILL sell. I think he`ll also find that what he finally gets to sell it for won`t be worth the cost of the plane ticket, but that`s the way the biscuit disintegrates. ;-)))

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Maybe he could sell it to the rubes on ebay?

 

mike04456

Brilliant_Rock
Joined
Nov 20, 2002
Messages
1,441
At the level he's going to have to sell at, i.e., shady brokers who don't care where this nice parcel of Indian melee came from, the return is going to be so low it hardly seems worth the risk he's taken. I seriously doubt he planned this. It sounds instead as if he had an established business he was floating along until the last possible minute, and then, with the walls closing in, he emptied the safe in a panic and fled out the back door. Now he's got all of Mumbai in a total uproar, numerous suppliers wanting his head on a plate, and every buyer in the business watching for suspicious parcels of melee being offered under the table. The one he approaches will spot him a mile away and offer him maybe $0.05 on the dollar, if that. Or maybe just turn him in for reward money.

Thus, as I said above, I think he's going to do the math and give himself up. Of course, it's guaranteed that those diamonds won't all be recovered; some are sure to get "lost" along the way somehow.
 

rbjd

Shiny_Rock
Joined
Feb 4, 2003
Messages
154
Maybe he's just going to sew the diamonds onto a wedding dress for his daughter.
 

DiamondExpert

Brilliant_Rock
Joined
Jan 15, 2003
Messages
1,245
OR--he may become another "D.B.Cooper" who will never be found, will develop a large cult following and no one will ever figure out what happened to the diamonds...
 

Rhino

Ideal_Rock
Trade
Joined
Mar 28, 2001
Messages
6,272

----------------
On 7/18/2003 5:37
3 PM LawGem wrote:



----------------
On 7/18/2003 5:18
3 PM Furthermore wrote:

It`ll sell. Not necessarily in NYC or Antwerp, but it WILL sell. I think he`ll also find that what he finally gets to sell it for won`t be worth the cost of the plane ticket, but that`s the way the biscuit disintegrates. ;-)))

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Maybe he could sell it to the rubes on ebay?


----------------
ROFLMAO!
 

winyan

Brilliant_Rock
Joined
May 9, 2003
Messages
1,163
I didn't read about this, but the latest interesting sidenote I'd recently read was that Tanzania has outlawed export of rough Tanzinite. Period. Fini.

I have a feeling that the Indian stone cutters are going to be upset.

win
 
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