GJEPC launches new diamond mandates following US FTA guidelines (#1683132)

The Gem and Jewellery Export Promotion Council has moved to adopt the definition, nomenclature and guidelines for diamonds as mandated by the US’s Federal Trade Commission to promote transparency and clarity for businesses and consumers alike.

“Since India’s gem and jewellery trade has unanimously accepted the FTC’s new definition with respect to diamonds, we urge the Indian Government and Ministries to accept, adopt and adapt the same to existing consumer laws of our country,” said the GJEPC’s chairman Vipul Shah, the GJEPC announced on its website. “This initiative is in consumer interest and protects their rights while shielding them from misinformation. The FTC’s new definition reflects technological advancements and ensures clarity in diamond marketing, applying the same standards to both mined and lab-grown diamonds.”
 
The FTA guidelines provide a standardised definition of ‘diamond’ and clear terminology for laboratory-grown diamonds to enable consumers to easily differentiate between the two. The GJEPC has requested that its members comply with the new regulations and that other jewellery industry players do the same. The GJEPC will also work with government agencies to promote industry compliance through education.
 
“We have urged the government to align with the advancements and economic significance of lab-grown diamonds by adopting a forward-looking policy framework,” said the GJEPC’s Lab-grown Diamond Panel convenor Smit Patel. “Globally, these diamonds are recognised as ‘laboratory-created’ or ‘laboratory-grown,’ not ‘synthetic diamonds,’ and India should embrace this terminology. The lab-grown diamond industry has also contributed to the creation of millions of jobs domestically and is driving substantial exports, reinforcing India’s position as a global leader in this rapidly growing sector.”