Wine fraud is a growing issue and specialist authentication and valuation consultants have made it clear that fake bottles are prevalent in the secondary market.

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Wine fraud is a growing issue and specialist authentication and valuation consultants have made it clear that fake bottles are prevalent in the secondary market, particularly in Asia.

They have suggested that the wine industry is unaware about the amount of counterfeit bottles circulating the market, saying that the scale of the problem has not been properly researched, and said that estimates were likely to be way short of the reality.

Taking the global wine industry to be worth US$304 billion, they claimed that the fine wine market – which she defined as all wines that are traded on the secondary market – was 5% of that total, which would amount to $15bn.

Speaking further about the amount of fraudulent wine in the system, they said that the problem was acute in Asia, and had not gone away with the capture of famous counterfeiters, such as Rudy Kurniawan, who has been in jail since his arrest in 2012. However, they also noted that wine fraud is a global issue and there is an increase in the amount of counterfeit from California.

According to Liv-ex, the worldwide secondary market for wine is believed to total approximately $5 billion. So, if as much as 20% of that wine was fake, the trade in counterfeit wine would be currently worth $1bn – one-third the total suggested above.

Randox Food Diagnostics provide two instruments for wine analysis, the first being the semi-automated RX misano which is the perfect solution for wineries bringing testing in-house. The second is the RX monaco which is an efficient, cost-effective upgrade to a fully automated analyser.

Read the full story at The Drinks Business

RFD Press office

Randox Food Diagnostics digital press officer

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