India’s Diamond Trade Org. GJEPC To Join WFDB and Forms Trade Disciplinary Committee

27/12/2016 14:52

The 50TH Annual General Body Meeting (AGM) of The Gem & Jewellery Export Council (GJEPC), held on December 20, 2016, took some significant decisions, according to a press release. For one, the body approved changes in its code of ethics, necessary to complete the process of the GJEPC induction as a member into the World Federation of Diamond Bourses (WFDB). The AGM also approved the formation of the Trade Disciplinary Committee (TDC) by the GJEPC, together with the Bharat Diamond Bourse (BDB) and the Mumbai Diamond Merchants’ Association (MDMA). 

The 21-member TDC, which is to be constituted with three representatives each from the three constituent trade organisations, with the remaining 12 being inducted by the initial nine members, will take up matters of misconduct related to the gems and jewellery trade like fraud; cheating; dealing in CVD, man-made, synthetic, lab grown, and unnatural diamonds without making disclosures; making false and incorrect inscription on gem and jewellery; noncompliance and/or breach of business practices (including financial disputes), customs and ethics; issues relating to bankruptcy of persons in trade more particularly as per trade customs and practices; any other or further matter that the TDC deems fit, in relation to the Industry.

The members of the TDC will have a term of three years and a complete process has been drawn up for its functioning; and the redressal of complaints and grievances. One area that has been considered of particular importance by the leadership of the GJEPC is that of generic promotion of diamonds in the world, especially in USA and China next year. This year the organisation, along with De Beers, launched the generic promotional campaign in India - “Ek Heera Aapke Heere ke Liye” – and also supported international efforts. The AGM once again put its support behind such endeavours and gave the approval for enhancing efforts on the generic promotion front, as well as corporate social responsibility measures. 

The GJEPC’s AGM, chaired by the Chairman of the Council Shri Praveenshankar Pandya also decided to use demonetisation as an opportunity to ensure that the gems and jewellery industry works in an organised manner and to introduce a cashless system in its functioning.