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GJEPC Urges Members to Declare Natural Diamonds on Invoices
Jan 27, 2014 9:20 AM
By Deena Taylor
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RAPAPORT... The Gem & Jewellery Export Promotion Council (GJEPC) issued a circular to its members detailing how members can guarantee the natural origin of diamonds that they sell by making declarations on invoices and memos.
The guidelines form part of a plan to deal with industry concerns over the undisclosed mixing of synthetic diamonds with natural diamonds.
GJEPC confirmed that it has put efficient detection methods in place; however, it noted that both domestic and international diamond buyers have started to request a declaration on invoices, similar to the declaration used in rough diamond transactions, when purchasing diamonds in the country.
"The entire global industry needs to be aligned on these and hence it is critical that one organization takes the lead and responsibility for creating the guidelines and achieving alignment," GJEPC stated.
Following discussion with the World Federation of Diamond Bourses (WFDB), the council recommended that members follow guidelines stipulated by the WFDB as of January 6, when using declarations and stressed traders to monitor the guidelines for updates and changes.
Independently, GJEPC also sought legal counsel to understand the implications of the declarations and repercussions that will result in the event that synthetic diamonds are detected and a declaration is found to be false. The council once again implored members to establish strict internal control processes to prevent undisclosed mixing.
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Tags:
Deena Taylor, diamonds, GJEPC, WFDB
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