NFTs could help solve diamond certification fraud
Cointelegraph
Published Dec 09, 2022 08:01AM ET
Updated Dec 09, 2022 09:40AM ET
Diamonds may be a girl’s best friend, but unfortunately, the billion-dollar diamond industry is rife with scandal and fraud. There have been a number of cases where lab-grown diamonds have been graded as natural diamonds. An example of this was seen last year when the International Gemological Institute analyzed and graded a 6.18ct lab-grown diamond, which was previously claimed to be a natural diamond on its Gemological Institute of America (GIA) report.
It was also reported in 2005 that the Gemological Institute of America — which is one of the most trusted sources for evaluating gemstone quality — was accepting bribes to upgrade its GIA reports. According to sources, a lawsuit was filed against GIA in 2005 due to payments being accepted to “upgrade” the quality of diamonds submitted for grading.
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Written By: Cointelegraph
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