Sunday, July 7, 2024

Fraudster Swaps $2,000 Lab-Grown Diamond for $545,000 Natural Gem

Surat, India—Police in Surat are investigating a sophisticated diamond fraud in which a 10.08-carat natural diamond, valued at $545,000, was swapped for a lab-grown replica worth less than $2,000.

The incident unfolded when a “buyer” examined the heart-shaped D/VVS2 diamond and its GIA certificate. After agreeing on terms, the buyer made a $12,000 down payment to secure the purchase. He then left, claiming he needed to withdraw more money, but never returned.

The owner soon discovered that the natural diamond had been replaced with a nearly identical lab-grown replica, matching in shape, color, and weight.

Authorities are currently pursuing the “buyer” and at least two accomplices, according to a report in the Economic Times.

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