Lenders, investors globally have lost money in vulnerable sector

"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 f
"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

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.

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A version of this article appeared in the print edition of The Straits Times on January 22, 2019, with the headline 'Lenders, investors globally have lost money in vulnerable sector'. Subscribe