Indian Industry Analyst Calls For Govt Regulation On Grading

Opinion piece
21/02/2016 11:30

"The Government of India should set up a regulatory authority to monitor the gemological laboratory business in India. The gemological laboratories issue only grading reports and no certificates. These laboratories have their own set of rules and regulations and even if consumers are cheated they have limited or no role to play. If a consumer has purchased a lab-grown diamond on natural diamond grading report, where will he go on being cheated? Who is responsible? Secondly, the gemological laboratories, after the scams are exposed, initiate investigations and inquiries, but the reports are never made public. These reputed gemological authorities are not certified by any authority in the world. They follow their own standards of grading and pricing. It is their responsibility to check duplication of reports,"

Diamond industry analyst Aniruddha Lidbide comments on the latest scandal in which a Delhi based company offered synthetic diamonds with natural diamond certificates on e-commerce platform Alibaba.