Fraudster Switches $2,000 Lab Grown for $545,000 Natural Diamond

Police in Surat, India, are investigating an alleged switch, in which a “buyer” replaced a 10.08-carat natural diamond, valued at $545,000, with a near-worthless lab grown replica.

The “buyer” examined the heart-shaped D / VVS2 stone and its GIA certificate, agreed terms and put down a $12,000 down payment to secure the purchase.

He left, saying he needed to withdraw money – and has not been seen since.

The owner of the diamond soon realized he’d been left with a lab grown replica of identical shape, color and weight, but worth less than $2,000.

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

Source: IDEX