Jul 28, 2017

Trade Groups Across Value Chain to Form International Natural Diamond Monitoring Committee

A number of leading diamond and jewellery trade bodies from across the world have come together to form an International Natural Diamond Monitoring Committee (INDMC)  to protect the integrity of the natural diamond pipeline from rough to jewellery. The decision was taken at a meeting this morning convened by the GJEPC and its own NDMC on the sidelines of the ongoing India International Jewellery Show (IIJS) 2017 in Mumbai.

The formation of the INDMC was agreed upon by representatives of the DPA, WFDB, GJEPC, AWDC, DDE, DFHK, BDB, GJF who were present at the meeting, and is also being supported by trade bodies from Israel, US, Japan and Africa.

The new platform will be given a formal shape soon and will hold its next meeting in Hong Kong in September. It will bring together associations across all segments of the value chain from mining to retail, and cover all the key geographies as well.

Praveenshankar Pandya, Chairman, GJEPC said in a media briefing that the INDMC would aim to build on the initiatives taken by various trade associations till now. He said that there have been many positive steps taken by the manufacturers and wholesalers to ensure that the natural diamond industry clearly establishes its own separate footprint and the INDMC would now look at consolidation of these efforts through greater global co-operation.

The INDMC will aim to strengthen consumer confidence in natural diamonds by focusing especially on the forward part of the value chain particularly in the major jewellery manufacturing centres and consuming markets.

Pandya said that the steps taken by the NDMC in India in the three years since it was set up would be a basic model that could be developed across centres. “In India, we have ensured that there is effective screening among loose diamond manufacturers and traders and have also begun working with jewellery associations in over 20 major cities across the country. Our aim is to have an extensive network of screening centres and ensure that detection devices are easily accessible. It should be possible for any jeweller or even consumer to have their diamonds and jewellery tested without any difficulty if they so wish.”

Globally, the INDMC would work towards establishing a common governance system, including elements such as standardized nomenclature, global acceptance of distinct HS Codes for trade in synthetic diamonds as has been done in India, providing information on screening devices and systems among others.

Stressing that the natural diamond industry had reached where it was today after many decades of sustained effort, Pandya said that the synthetic diamond industry too would have to develop its own base and “go through the pains of developing its own market”. Clarifying that the natural diamond industry was not opposed to synthetics per se, but was against any attempt to malign natural diamonds, Pandya that new segment must not “attempt to ride on the investment and hard work put in by the natural diamond industry.”

Pic caption: Representatives of various trade bodies discussing the formation of the INDMC