Scam/mis-selling alert: watch out for a phonecall from Agora Capital Limited Co No 08305470 pressure selling investment in diamonds.

The company appears to operate a very high pressure selling routine. Don't be surprised if you receive multiple calls encouraging you to purchase a diamond over the phone. For a mere $11,000 plus charges you can have your own rock. Apparently you must buy now, now, now, if not this afternoon....

It is of course an activity unregulated by the Financial Conduct Authority and the salemen are emphasising what great investments diamonds are, which they may well be, but...

Do the gems exist or not?

  • The company says that the diamond comes with a certificate from the Gemilogical Institute of America, but the small print on the contract says that the company cannot "guarantee delivery of a specific diamond", so it looks like obtaining the certificate may be pointless.
  • When requesting to see the diamond before puchase, a salesman said that it could be located "anywhere in a range of offices". In other words it is not possible to check that the gem physically exists and there looks as if there are some internal control problems for the seller - it does not know where its diamonds are at any time. 
  • Agora wishes you to keep your purchase in a bonded warehouse and if so it is going to be difficult checking that your purchase exists because you may find that it has been sold to many other people too.

Buyer beware.

From time to time we put out these alerts. We get very upset when people try to scam our relatives.

 

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