Diamond Scammers in Israel Fleece Public


Scammers in Israel are selling diamonds online and over the phone to mostly French speakers with promises of up to 8% returns annually when the existence of the stones is doubtful, Times of Israel warned.

The two-years-old racket is similar to the mostly fraudulent options industry Israel illegalized two months ago.

In one case, 200 customers paid thousands of dollars to buy diamonds from a company run by a Frenchman who is living in Israel and running his company from a London building acting as an address for 956 other companies. Ultimately, all trails led to Israel, a French official said.

Although France’s Financial Markets Regulator blacklisted one diamond company in 2016 and 80 more since, there are plenty more.

A former Tel Aviv-based employee of such a firm told Times of Israel that his former workplace perpetrated fraud by using false identities, misrepresenting expertise and location, and breaking off contact with customers seeking to withdraw funds.

{Matzav.com Israel}


  1. Aha. And tell me please, how is this any different than “buying” Bitcoins?! It’s amazing how the human race is so guillibe.

  2. If someone were to buy diamonds, maybe one can get scammed because a non expert may not notice a defect and may pay more than the diamond is worth. But what is this about buying diamond over the telephone? Is it like the soviet joke that it will be delivered immediately over the TV?!

    Oh yeah, up to 8% annually. I suggest long-term investing in moon’s real estate.


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