Multi-million dollar theft suspected at Israel's Diamond Exchange

Veteran diamond dealer suspected of stealing gems valued at $60-65 million; alleged theft could cause the bankruptcy of up to a dozen diamond companies.

By GLOBES
April 20, 2016 08:50
1 minute read.
Diamond (illustrative)

Diamond (illustrative). (photo credit: INGIMAGE)

 
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Israel Police are investigating serious allegations of a huge diamond theft at the Ramat Gan Diamond Exchange, which could cause the bankruptcy of up to a dozen diamond companies.

The suspicions center on veteran diamond dealer Hanan Abramovich who is suspected of stealing the diamonds.

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Details of the investigation indicate that diamonds valued at $60-65 million are involved. The allegations are that Abramovich did not pay for the diamonds that he had passed on. The investigation is being carried out by the Tel Aviv Police Fraud Squad and Abramovich is expected to be formally arrested for his involvement in the affair.

A statement issued by the Diamond Exchange management said that the investigation had been launched after complaints were received by several companies claiming they were owed tens of millions of dollars for goods sold to Abramovich's company.

Israel Diamond Exchange managing director Eli Avidar said, "The Diamond Exchange's management will show zero tolerance to those who hurt other members of the exchange. Israel's diamond sector has been going through difficult times in recent years and to our regret we are being exposed to unfortunate instances like these where the situation is being exploited. The Diamond Exchange management will work resolutely to clarify the case including working with the enforcement authorities."

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