India's Sanjay Kothari Warns on Hit to Consumer Confidence From Undisclosed Synthetics

Polished
18/04/2016 12:02

If consumers lose confidence in diamonds, sales of both natural and synthetic stones will be badly hit, warns Sanjay Kothari, spokesperson for India's Natural Diamond Monitoring Committee (NDMC), Rough & Polished reports. The web site said the recent scandal of CVD diamonds being sold with GIA certificates involving an Indian firm on Chinese online retail giant Alibaba could be "a wakeup call" for the Indian diamond industry.

Kothari explains about the role of the NDMC and its ongoing work to "monitor the threat of synthetic diamonds vis a vis natural diamonds" and safeguard the natural diamond industry so that synthetic stones do not imperil it. He emphasizes "we are not against the synthetic diamond industry. But, it is imperative that the synthetic sector runs its business in an ethical manner, adhering to ‘disclosure’ while marketing the product. Our main purpose is to see that the end consumer/s are not sold synthetic diamonds as natural diamonds and thereby get cheated."

He concludes: "I believe if ethically done, there is room for both the products to survive. Consumers will buy either of them as per their pocket and affordability. I also believe that if consumers lose confidence in diamonds, both the products, natural and synthetic, will be badly hit. We must remember that we are not dealing in life-saving drugs or in a product which is necessary in life. We are dealing in a luxury item, so we need to safeguard our product at all costs for our own survival. This is the reason why I believe wrongdoers should be punished."