Is the BDB Finally Allowing Lab-Grown Diamond Trading?
October 15, 19
(IDEX Online) - The Bharat Diamond Bourse (BDB) may soon allow trade in lab-grown stones, according to reports in the Indian press. If so, it would be a complete about turn for the bourse that until now has banned lab-grown diamonds from its premises. Given the increase of the lab-grown diamond market, and the difficulties facing the mined diamond industry in India, the BDB is reconsidering its stance, reports the Business Standard. The BDB is awaiting a report from the National Diamond Monitoring Committee (NDMC) that will help frame trading guidelines. The main issue facing the BDB - like every bourse around the world - is how to ensure lab-grown and mined diamonds are kept separate. "The lab-grown diamond would be fully traceable. The power to penalise wrongdoers will vest with BDB," said Mehul Shah, Star Brilliant managing director and BDB vice president, as quoted by the Business Standard. The subject of reversing the 2015 ban on lab-grown diamonds was mooted earlier this year. In contrast, the Federation of Belgian Diamond Bourses introduced a full ban on lab-grown diamonds in its four trading halls in September.