Kindly outline the GJEPC’s strategy for dealing with the undisclosed mixing of synthetic diamonds.
GJEPC has conducted a very detailed study in this regard. The study analysed the intricate landscape and developed apt solutions to safeguard against accidental or intentional mixing. The solutions have covered four key solution areas – Regulatory, Commercial, Process and Technology.
These solutions will target greater traceability of goods in the value chain and penalties for those found to be indulging in undisclosed mixing. The two most significant solutions we have proposed are to first have a more granular Harmonised Systems (HS) Code to track the global flow of synthetic diamonds and second, to empower and encourage trade bodies to make modifications in their Articles and Constitutions to clearly outline undisclosed mixing as an unfair practice and to outline and implement strict penal measures against players found to be indulging in such activities. Apart from these measures, we are also proposing a change to the Consumer Protection Act to give greater protection to purchasers.