(IDEX Online) - The Israel Diamond Exchange (IDE) has ejected two members on suspicion of substituting synthetics stones for natural diamonds.
The traders allegedly swapped four D-color, higher-clarity polished diamonds with weights ranging from three to five carats with lab-grown stones, IDE President Yoram Dvash told IDEX Online.
One of the two men involved was banned for life from the IDE, while the other one faces a ban of three years and one month.
This means he will have to undergo the full readmission process in order to be accepted by the exchange since former members who reapply in under three years face an easier readmission process.
"We are sending a serious message to anyone who is thinking of doing this kind of thing," said Dvash. "There is no place for them in our bourse. Our members must act with complete honesty and transparency."