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India Sets Up Trade Disciplinary Committee
Dec 29, 2016 2:57 AM
By Rapaport News
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RAPAPORT... A new disciplinary committee will deal with misconduct in
India’s diamond trade under plans approved by the Gem & Jewellery
Export Promotion Council (GJEPC).
The GJEPC teamed up with the Bharat Diamond Bourse (BDB) and
the Mumbai Diamond Merchants’ Association (MDMA) to form the Trade Disciplinary
Committee. The 21-member panel will handle cases including fraud,
non-disclosure of synthetics, false inscriptions on gems and jewelry and other
ethical breaches.
The committee will comprise three representatives each from
the GJEPC, the BDB and the MDMA. These nine members will then appoint another
12. Participants will serve three-year terms.
The GJEPC approved the move at its 50th annual general
meeting in Mumbai on December 20. Members at the meeting also gave the go-ahead
to changes to the GJPEC’s code of ethics to enable it to become a member of the
World Federation of Diamond Bourses (WFDB). The WFDB accepted the GJEPC earlier
this year, adding more than 6,000 diamond and jewelry exporters to its
membership.
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Tags:
Gem & Jewellery Export Council, GJEPC, India, MDMA, mumbai, Mumbai Diamond Merchants’ Association, Rapaport News, Synthetics, Trade Disciplinary Committee, WFDB, World Federation of Diamond Bourses
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