GJEPC and BDB to Investigate GIA Hacking Fraud

(IDEX Online News) – Key Indian industry organizations are to investigate the recently discovered grading report fraud at the Gemological Institute of America (GIA). The Gem and Jewellery Export Promotion Council (GJEPC) and the Bharat Diamond Bourse (BDB) will be looking into the scam, which mainly involved Indian firms, reported the Times of India (TOI).

The grading lab has suspended 14 Surat firms for hacking into the GIA’s database and upgrading lower quality diamond reports, alleges the TOI.

"GJEPC is the apex body of gems and jewellery industry and when its members are involved in a scam, it has all rights to carry out independent probe to find out facts. If any of the members is found to be involved, action will be taken as per the code of conduct and ethics of the council," said an unnamed senior GJEPC executive.

"The committee will try and understand various aspects of the case and assess damage done to the trade and who are the real culprits. For two or three culprits, we can't blame the entire industry," he added.