Editor’s Note
This article reports on a forthcoming government policy aimed at protecting consumers from counterfeit diamonds, potentially through a certification system. The initiative follows sustained customer complaints on the issue.
The government is preparing to soon introduce a policy to protect customers from fake diamonds. This could be in the form of a certificate, similar to the hallmark on gold, which companies will provide to customers when purchasing diamonds. However, it could also be introduced in some other form.
According to sources, there have been continuous complaints regarding this matter. Following this, the policy is being formulated. In light of this, the world’s leading diamond company, De Beers Group, in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC), has initiated activities under the Indian Natural Diamond Retailer Alliance (INDRA) to promote genuine diamonds.
Currently, access to genuine diamonds in the Indian jewellery retail sector is only 10 percent. Retailers will be able to register on the INDRA portal. They will receive information about genuine diamonds here in multiple languages. GJEPC’s 10,500 members will be able to enroll in the first phase. The value of the Indian gem and jewellery market is currently $85 billion. It is estimated to reach $130 billion by 2030.