The Diamond Scandal: HRD Antwerp Turkey Office is Closed

It is claimed that HRD Antwerp, headquartered in Belgium, one of the two largest diamond evaluation and rating agencies in the world, made billions of dollars profiteering with a counter set up by its Istanbul office and big jewelry stores.

It is claimed that the Istanbul office of Antwerp-based HRD Antwerp, which is one of the most important diamond centers in the world, gives a good grade stone certificate to low quality stones in Turkey. The company closed its office while citizens paid more than the value of the stones.

Allegedly, stones of low quality in Turkey were given the HRD Antwerp certificate that they were of good grade, and citizens paid much more than their value for these stones.

According to the news of Seyhan Avşar from Cumhuriyet, the officials from HRD Antwerp‘s headquarters in Belgium decided to close the office in Turkey, following the complaints of some citizens who noticed the situation. However, no steps were taken regarding the multibillion-dollar strike.

FAKE CERTIFICATE TO VALUE STONE

HRD Antwerp”, one of the two largest diamond evaluation and rating institutions in the world, opened an office in Istanbul years ago and started to serve the jewelery and jewelery industry. The jewelery prices in the sector were determined by the evaluation and rating certificate given by this institution to precious stones.

Allegedly, in recent years, the Istanbul branch of this company has given certificates to many jewelery and jewelery brands that pay them the amount they want.

Gemstones with low quality were evaluated as if they were of good quality, and good grade certificates were given. Thus, many jewelery companies sold their products to customers at prices well above their value. Billions of dollars were lost through these irregularities.

Citizens, who realized that the quality of the precious stones they bought was low, went to the leading stores of the sector where they shopped and complained. However, these stores stated that the problem was not caused by them, but HRD Antwerp, who issued the certificate, was responsible. Thereupon, many complaints from Turkey were sent to the headquarters of the HRD Antwerp company in Belgium.

Officials who came to Turkey from Belgium stated that they would cancel the license of the Istanbul office on October 11, 2021 and that they would no longer serve their customers from Istanbul, and that those who want to receive service should contact the Belgium office. They did not take any steps regarding the multibillion-dollar hit.

In the meantime, it was learned that the allegations of irregularity in Istanbul were also experienced in the HRD Dubai office, and that the Dubai office, which passed the inspection, was closed on the same date as Istanbul.

Mehmet Ali Yıldırımtürk, Vice President of the Istanbul Jewelers, Jewelers and Goldsmiths Association, whom we called on the subject, said, “I don’t know much about diamonds, you should talk to the President of the Chamber of Jewelers”, but the President of the Chamber of Jewelers did not return to us despite the note we left him.

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Summary

It is claimed that HRD Antwerp, headquartered in Belgium, one of the two largest diamond evaluation and rating agencies in the world, made billions of dollars profiteering with a counter set up by its Istanbul office and big jewelry stores.

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