MUMBAI, Nov 29: Gem and Jewellery Export Promotion Council (GJEPC) on Friday said it has adopted the new mandated definition, nomenclature and guidelines for diamonds specified by the Federal Trade Commission (FTC) of the US, which will help consumers make informed decision while buying diamonds.
The FTC’s updated guidelines provide a clear, standardised definition of ‘diamond’ and distinct terminology for laboratory-grown diamonds, ensuring clarity and transparency for both industry stakeholders and consumers, GJEPC said in a statement.
“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..
“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,” GJEPC chairman Vipul Shah said.
GJEPC’s members will ensure compliance with the new definition of ‘diamond’ and request all other gem and jewellery trade bodies and retailers to do the same.
“We will commence the process of educating the Indian trade to ensure a level-playing field and compliance. This will ensure that all key stakeholders of the trade value chain are responsible and empowered to guide, counsel and advise consumers and consumer bodies to enhance consumer confidence,” Shah added. (PTI)
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