RapNet Suspends Members Suspected of Falsifying GIA Reports

October 28, 2015, New York … RapNet, the Rapaport Diamond Trading Network, has suspended 10 members pending further investigation. The members have also been suspended by the Gemological Institute of America (GIA) for allegedly participating in a scheme that hacked into the GIA’s computer system and upgraded 1,042 GIA grading reports. GIA issued laboratory alerts invalidating the grading reports and naming the suspended members.

RapNet has removed all diamonds with grading reports involved in this matter as well as all other diamonds listed by suspended members. Additional updated information and a list of all the diamonds and the companies that submitted them is available at http://goo.gl/TEF66F.

GIA has asked anyone in possession of the listed diamonds or invalidated grading reports to immediately return them to GIA. Rapaport clients may return the grading reports and diamonds to Rapaport offices in New York, Ramat Gan, Mumbai and Hong Kong.

The names of the suspended Rapnet Members are:, 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).