Asian Fine Diamond Scam: Singapore Investors are sold diamonds that are either overpriced or don’t exist.
How it works: Cold callers encourage investors to part with thousands of pounds by insisting diamonds, especially coloured ones, will provide attractive returns.
Why it’s a scam: Diamonds bought could be overvalued. One member’s elderly father invested more than £56,000 in three diamonds only to find they were actually collectively worth £20,000. And some fraudsters may advise investing even more money in larger stones that don’t exist.
How to invest legitimately: The diamond trade is an unregulated market that’s hard to understand – even seasoned experts can disagree on a diamond’s value – while you’ll need to consider other costs such as VAT, storage and insurance. Seek independent or legal advice before committing to any investment of this sort.
Blogger Warning:
XBI & AWI victims will be made targets of Asia Fine Diamonds.
This company has the same ‘defacto-director’ responsible for the loss and anxiety created by the original AWI fraud. Please be wary of a call from AFD.
We encourage any victims to share information here and we will pass your messages to the fraud investigator in the case, with your permission.
Hello Alexis
I have a similar story to tell. I invested around 18000 S$ in the month of October 2015. My agent name was Violet. For some reason or the other they were delaying the delivery of the diamonds. Then in last month on 29th Dec they called up an event in their office for which we went to get back our money. By then their manager Andrew Parker has left the company and Ella she is a PR in Singapore assured us that we will be getting our diamonds in next 14 days. But when I contacted them today both Violet and Ella has left the company and the office is vanished from May bank Tower. I feel helpless now.
Please provide me the information which will help to sue them and get back my hard earned money.
Please awaiting for your response.
Thanks
Neha
Hello Alexis,
I have invested my hard earn money about S$18,000 in AFD last October. Initially I was informed that I can view the diamond in Christie’s Fine Art storage Pte Ltd within 30 days of payment, and a guarantee certificate was also given stating that AFD fails to show the diamond when demanded, then it would refund the whole invested amount with 5% interest on it.
In spite of me requesting for appointment to view the diamond, they have one or the other excuse to slip off.
I came back from my vacation since Dec’2015 to know this shocking news of scam.
The sales person keeps calling me since yesterday to invest more on to it with nonsense stories. I asked to call me back tomorrow. Hence with dubious mind I surfed internet to know this shocking news of scam, and I almost faint.
I have the mobile contact number of the sales person and expecting a call by tomorrow. I’ll not disclose that I knew about this issue and try to get hold of the sales person with all possible details.
Please help us to catch hold of them.
Thanks in advance.
NOTICE: All Asian Fine Diamond clients. We have been asked by ITRA to post that you may read more on AFD scams at:
http://www.itraonline.com
From the reports we are hearing, the movement of private action with ITRA against the Defacto-Directors of Asian Fine Diamonds is picking up pace. Please be reminded that you may email: itra@ftageurope.eu for further information.
Yourvoice – team.