Dec 26, 2016

GJEPC AGM Decisions: Joining WFDB and Forming Trade Disciplinary Committee Among Others

The Annual General Body Meeting of The Gem & Jewellery Export Council (GJEPC), held on December 20, 2016, took some significant decisions.

For one, the body approved changes in its code of ethics, necessary  to  complete the process  of  the GJEPC  induction as a member into the World Federation of Diamond Bourses (WFDB).

The AGM also approved the formation of the Trade Disciplinary Committee (TDC) by the GJEPC, together with the  Bharat Diamond Bourse (BDB) and the Mumbai Diamond Merchants’ Association (MDMA). 

The 21-member TDC, which is to be constituted with three representatives each from the  three constituent trade organisations, with the  remaining 12  being inducted by the initial nine members, will take up matters of misconduct related to the gems and jewellery trade like   fraud; cheating;  dealing in CVD, man-made, synthetic, lab grown, and unnatural diamonds without making disclosures; making false and incorrect inscription on gem and jewellery; 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. 

The members of the TDC will have a  term of three years and a complete process has been drawn up for its functioning;  and the redressal of complaints and grievances.

One area that has been considered of particular importance by the leadership of the GJEPC is that of generic promotion of diamonds. While the organisation, along with De Beers,   launched the  promotional campaign  - “Ek Heera Aapke Heere ke Liye” – and also supported international efforts, the AGM once again put its support behind such endeavours and gave the approval for  enhancing efforts on the generic promotion front.

Corporate Social  Responsibility has become an important aspect of corporate functioning over the last many years and the  GJEPC has always done its bit towards this.  The AGM reiterated its commitment to CSR activities  and of increasing its  contribution in this area in the 50th year of its existence.   Accordingly, the GJEPC has decided to donate a certain amount from its surplus generated in the Financial Year 2015-16 towards charity in schemes which have been mooted  by the Honorable Prime Minister of India,  Shri Narendra Modi,

India thereby contributing country's progress.

The GJEPC’s AGM, chaired by Chairman Praveenshakar Pandya also decided to use  demonetisation as an opportunity to  ensure that  the gems and jewellery industry works in  an organised manner and to introduce  a  cashless system in its functioning.