IDE calls for corrective measures post GIA Lab Alert

The Israel Diamond Exchange (IDE) expressed concern over the 500 high-quality, treated polished diamonds having been distributed in the Israeli diamond market, which GIA reports note are carrying misrepresented identities. The IDE has also taken active measures to control this situation. It informed that on May 12th, GIA issued a laboratory alert, stating that "GIA reasonably suspects that approximately 500 colorless to near colorless diamonds submitted primarily to our laboratory in Israel potentially were subjected to an undisclosed temporary treatment. GIA believes that the treatment is a process that temporarily masks the inherent color of the diamond and can lead to a higher grade. The color difference can be as much as three grades."

Pursuant to this, on May 13th, The Israel Diamond Exchange (IDE) called an extraordinary meeting of its board of directors, with the participation of the presidium of the Israel Diamond Manufacturers Association (IsDMA); the IDE's Head of Security, Israel Vantovsky; Police Commissioner (Ret.) Yossi Sedbon; and the IDE's Legal Counsel, Adv. Shmuel Ini. The meeting concluded with the decision to identify the suspects in this case of distributing these 500 high-quality, polished diamonds, suspected to be treated, in the Israeli diamond trade, without disclosure, and with GIA diamond grading reports that misrepresented their true identity. At the meeting it was decided to take immediate action and in coordination with the relevant parties in the bourse and the appropriate state authorities. Also, the Board has decided to delegate the case to a number of board members, together with the IDE's advisors and counsel.