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. 

Diamonds can be for never – don't be duped!

Diamonds aren't necessarily an investor's best friend!

'Fraudsters used 'sucker list' to sell fake diamonds to victims with marks-ups of 2,800 per cent to fund luxury lifestyle in Marbella

• Gems dealers made £1 million duping investors into buying diamonds

• All the gems had been purchased out of a mainstream diamond catalogue

• Gang, due to be sentenced next week, added mark-ups of up to 2,800%

• One retired victim used his life-savings to buy gems for £140,000 but they were only worth £10,000'

Report in the Daily Mail of recent fraud trial at The Old Bailey involving diamonds with fraudsters now facing jail while investors have lost life savings. Sentencing on 27th September. Read rest here.  

See also report in Eastbourne Herald. 

Wine investment scams often linked to offers of 'investments' in diamonds, biofuels, carbon credits, plots of agricultural land on promise of rezoning etc. 

Also beware of companies, like Ethical Elegance Ltd, offering to swop assets such as wines for coloured diamonds.