If you have been trying to buy diamond jewelry in Dallas, you most certainly must have heard of the Diamond Doctor fraud case that is currently ongoing and which was brought forward by the Cummings Manookian law firm on behalf of many clients who lost their money as a result of the unethical business practices of this diamond dealer.
The case involves what is known as intentional diamond overgrading where the dealer sells cheap diamonds packaged as high value diamond jewelry with the help of bogus certificates by fraudulent grading houses some of which have been blacklisted by some diamond retailer associations for fraudulent activities.
In the case of the Diamond Doctor fraud case, the dealer was involved in the deliberate misrepresentation of the properties of the diamond in order to help him sell them at a price way above the market price of diamond of actual value. The dealer will misrepresent one or more of the 4Cs of diamond grading, namely the carats, clarity, colour and cut, as better than the real actual and true grade of the diamond. They will subsequently obtain fraudulent certificates to back it up.
Due to this practice, an unscrupulous diamond dealer is able to make mindboggling profits by misleading customers and cheating customers out of their money. Remember that a single grade difference alone in any of the 4Cs can result in thousands of dollars difference in the pricing of the diamond. When this is done on high value diamond jewelry that is worth tens or even hundreds of thousands of dollars, it is a significant loss of money for the customer. If you have a ruthless dealer such as the Diamond Doctor that goes on to misrepresent multiple characteristics, then for the customers, it is like buying junk. You end paying several tens of thousands of dollars for a piece of diamond jewelry that is not even worth the price difference.
The diamond overgrading scam like the one perpetrated by the Diamond Doctor fraud occurs simply out of greed and lack of ethics in business. An otherwise reputable dealer wants to multiply his profits quickly and resorts to underhand methods like overgrading in order to fleece customers out of their hard-earned cash.
This scam is also perpetrated in collusion with discredited and fraudulent diamond grading houses that get bribed to cook up the fake properties that result in customers losing their money. The bogus certificates that are issued by the fake grading houses look almost like the genuine certificates issued by the GIA but they are simply worthless piece of paper produced by criminals.
If you have saved your money over the years and feel like you are one of the victims of the Diamond Doctor fraud, you can enjoin yourself in the Diamond Doctor lawsuit and join many of the customers who are seeking restitution after being scammed of their savings. You can also check out the Diamond Doctor Facebook profile and join the campaign to give victims justice. If you have been scammed, don’t lose hope. You can still sue and get compensation from the Diamond Doctor.