Hong Kong Diamond Smuggling Ring Busted
1/12/2010 6:31:55 AM David Berkovits
Fifty individuals, believed to be part of a diamond smuggling ring, have been arrested.
According to a police investigator, three Hong Kong residents are suspected of being middlemen for the smuggling operation. The smugglers reportedly hid the stones in their shirt pocket and attached them to their belts. Among the individuals arrested are buyers and distributors.
Mr. Yung, one of the men arrested, was stopped by the Law Wo customs authority on January 8 after acting in a suspicious manner. During a body search it was discovered that Mr. Yung was concealing three small packets of diamonds.
Thanks to information retrieved from Mr. Yung during his interrogation, the authorities were able to make numerous arrests and retrieve large quantities of diamonds and cash.
Due to various taxes such as import tax, VAT and consumer tax, the price of rough diamonds are extremely high in China. According to reports, nearly 80% of the diamonds in China are smuggled into the country.
Related Articles:Beau Sancy Diamond Sold at Sothebys Geneva for 9.7 Million Thursday, May 17 2012 2:42AM Diamond news agency,
Shira
 |
Beau Sancy Diamond Sold at Sothebys Geneva for 97 Million The Beau Sancy diamond one of the world's most famous diamonds has sold for 97 million at a Sotheby's auction in Geneva about five times the pre-sale estimate
|
World Diamond Council Meets to Discuss Conflict Diamond Definition Tuesday, May 15 2012 3:39AM Diamond news agency,
Shira
 |
World Diamond Council Meets to Discuss Conflict Diamond Definition The World Diamond Council is meeting in Vicenza Italy to reaffirm diamond industry commitment to using ethically sourced diamonds and terminating the conflict diamond trade
|
Prostitute Steals Diamonds from NY Gem Dealer Thursday, Apr 19 2012 4:40AM Diamond news agency,
Shira
 |
Prostitute Steals Diamonds from NY Gem Dealer A NY gem dealer claims a prostitute drugged him and stole half a million dollars of diamonds from his hotel room
|