Financial Daily from THE HINDU group of publications Monday, September 04, 2000 AGRI-BUSINESS COMMODITIES CORPORATE FEATURES ... Prev Stepping stones to riches Isidore Domnick Mendis Shakespeare's famous quote, ``All that glitters is not gold'' should have had a postscript: ``And all those glittering stones are not diamonds either.'' For aeons, unscrupulous dealers thrived simply because there was no fool-proof method of evaluating a gemstone's worth. Also, the evaluators were in small numbers and the methods used were hopelessly outdated. Today, the outlook is brighter, thanks to newer technologies. In India, professional gemmology institutes have come up in many places which both evaluate gemstones and impart scientific training in the art. These institutes are proving to be a boon to buyers of precious stones. Take the case of Shailender Singh, a prosperous car dealer in South Delhi who bought a diamond ring for his daughter's wedding for Rs. 75,000. Two years later, when he heard about the Indian Institute of Gemology, he brought the ring for evaluation. Within an hour his worst fears were confirmed. His purchase was merely a cheap substitute for diamond the synthetic cubic zirconia commonly known as American diamond which few can tell from the real. Shailender's is not a solitary example; over the years, thousands of people have been swindled. Few jewellers ever share their knowledge in gem identification and thrive on people's ignorance. | |
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