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Sunday, 19 January 2014

Radio 5 investigates diamond scams

Diamond investment scams are covered by Adrian Goldberg this morning on 5 live Investigates on Radio 5 Live. Vulnerable, elderly people conned by high pressure boiler room sales tactics to invest in either over-priced diamonds or diamonds that do not actually exist. programme warns that it is very difficult to establish the value of diamonds as many of the trades are done privately – 'value guesswork'. 

Adrian Goldberg speaks to the son of a man in his 70s, who has recently been diagnosed with Alzheimer's, who invested around £90,000 in diamonds following frequent calls and receiving some professional looking brochures. Unfortunately the son has not been able to trace the diamonds as yet.  

Ex-diamond broker tells of 'sucker lists'. Brief mention of links with wine investment. Includes an interview with Detective Inspector Matthew Bradford of the City of London Police, who warns that these scams/frauds are run by organised criminals.

Previous report on diamond scams here on investdrinks and one diamond investment company I wouldn't consider using. Also received warnings about Oakley & Forbes Management Ltd and Fanrong International. 

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