Indian Disciplinary Committee Decision a Welcome MoveDecember 29, 16
Among the more outstanding news items this week was the little noticed decision made by India's Gem & Jewellery Export Council (GJEPC) at its 50th Annual General Meeting (AGM).
The AGM approved the formation of a Trade Disciplinary Committee (TDC) together with the Bharat Diamond Bourse (BDB) and the Mumbai Diamond Merchants’ Association (MDMA).
Comprising 21 members in total, the committee will have three representatives from each of the trade organizations, with the remaining 12 members being inducted by the initial nine members.
The most interesting part, of course, relates to the issues to be dealt with by the new body.
As the GJEPC said in a press statement, its work will focus on "matters of misconduct related to the gems and jewelry trade such as fraud, cheating, dealing in CVD (Chemical Vapor Deposition), man-made, synthetic, lab grown, and unnatural diamonds without making disclosures; making false and incorrect inscription on gem and jewelry; non-compliance and/or breach of business practices (including financial disputes), customs and ethics; issues relating to bankruptcy of persons in trade more particularly as per trade customs and practices; any other or further matter that the TDC deems fit, in relation to the industry".
Clearly, the GJEPC, along with the Bharat Diamond Bourse and the Mumbai Diamond Merchants’ Association, believe that there is a strong need for such a body to operate outside of, or in addition to, the bourse and the association which have themselves their own firm rules for how members must operate.
Unfortunately, the Indian diamond trade has been in the news over the past few years due to many of the issues the new body will be charged with overseeing. These include the mixing of undisclosed synthetic stones with natural, mined diamonds, bankruptcy and financing issues, and others.
So this is welcome step by the leadership of the Indian diamond trade and one for which it should be congratulated.