“Lab-Grown Diamonds is probably the biggest scam this industry has ever seen,”: Leibish Polnauer, Founder-President, Leibish & Co.

An interesting story from the Leibish & Co takes you way back to the year 1979 when young Leibish Polnauer, then a diamond polisher, was travelling to London, having just found out that the factory at which he worked had been shut down. He found an advertisement...

24 june 2019

Botswana mining industry players speak on speculative exploration licences

Speculative mineral exploration licences was a recurring theme from presentations made by three players in Botswana mining industry at a conference convened in Gaborone. The country has issued thousands of exploration licences, across the mining industry...

17 june 2019

Design is the key to all markets

Besides being an astute businessman, Mumbai-born Laksh Pahuja is a designer par excellence known globally for his awe-inspiring unusual jewellery pieces. Trained at the Gemological Institute of India and Harrow College of Art England, Laksh combines...

10 june 2019

Mutual mass destruction will not serve anybody’s purposes

The recent moves by the U.S. Federal Trade Commission (FTC), including its letters urging some companies to abide to the revised edition of FTC Jewelry Guides and the explanations from FTC attorney Robert Frisby posted on the FTC website were...

03 june 2019

Pavel Sokolov: Every stone has its beauty

THE ‘GEMSTONES BY SOKOLOV’ brand has been popular for over 25 years. The aim of this company is to supply any kind of gem studs to the Russian market including the unique ones except diamonds of any cut. The product range by the SOKOLOV Company is very...

27 may 2019

IDE bans two traders for switching natural diamonds with lab grown stones

06 august 2018
The Israel Diamond Exchange (IDE) has banned two bourse members for allegedly replacing natural diamonds of D-color, high-clarity polished diamonds weighing 3 to 5 carats with lab-grown stones, says a report in diamonds.net.
The suspect traders visited a company’s office in the bourse to view the goods.The firm later discovered the misdeed when it checked the three stones in a detection machine. Closed-circuit television footage helped the firm track down the suspects.
The case involved “switching stones worth hundreds of thousands of dollars at the expense of another bourse member,” Israel Vanchovsky, the IDE’s deputy director general had reportedly said earlier last week. However, the Bourse executives investigated the case and reported the suspected fraud to the police last week.
While IDE has expelled one of the trade members for life, it has banned the other suspect for 37 months, ensuring that he has to go through the full admission process if he wishes to return to the bourse.

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished