For subscribers
Lenders, investors globally have lost money in vulnerable sector
Sign up now: Get ST's newsletters delivered to your inbox
"A diamond worth $1,000 could be put in the books for $100,000, and financing can be raised against that value," said Ms Reshmi Khurana from Kroll, a risk management firm. Determining the parties involved in transactions can be done, but it is hard for most people to determine the value of each item.
ST PHOTO: ZAIHAN MOHAMED YUSOF
Follow topic:
In the world of precious stones and metals, all that glitters might not be gold.
Recent high-profile fraud cases indicate the sector's continued vulnerability to money laundering, said Ms Reshmi Khurana from Kroll, a firm that helps clients make risk management decisions.
