Government Initiatives to Strengthen Lab-Grown Diamond Trade in India
Recently India introduced an import classification code solely for lab-grown rough diamonds, which would enable the industry to better identify lab-grown diamonds and keep track of the goods as opposed to the olden days where all categories were being marked as synthetic. Perhaps, the move also stems from the actions of GIA (Gemological Institute of India) and FTC (Federal Trade Commission) earlier this year, where both banned the word â€˜syntheticâ€™ for usage against lab-grown diamonds. Both of these institutes now classify lab-grown diamonds as real diamonds as they have the same optical, physical, thermal and chemical properties.
The government has separated the Indian Trade Clarification (ITC) code for rough synthetic gemstones into diamonds and non-diamonds, the Gem & Jewellery Export Promotion Council (GJEPC) reported last week. The move will help organizations such as the GJEPC track the precise quantities of lab-grown diamonds coming into the market, explained Colin Shah, the councilâ€™s vice chairman.
Previously, all rough synthetic gemstones carried the same Indian import code â€” 71042000 â€” whether they were man-made diamonds or other stones. From now on, rough will fall into 71042010, while other rough synthetic stones will be assigned 71042090. Trade data for the two categories is likely to be available starting in August, the GJEPC said. â€œThis will go a long way in strengthening the efforts of the council to monitor the two pipelines and maintain their integrity,â€ said GJEPC chairman Pramod Agrawal.
With the increasing demand for lab-grown diamonds, government agencies and international organizations such as the GIA are initiating efforts to regularize the trade of in a manner that would motivate the industry patrons to venture with faith into this peaking industry that is estimated to grow to INR 36,000 CR by end of 2023 and exceed INR 1,00,000 Cr by 2035, ""
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Recently India introduced an import classification code solely for lab-grown rough diamonds, which would enable the industry to better identify lab-grown diamonds and keep track of the goods as opposed to the olden days where all categories were being marked as synthetic. Perhaps, the move also stems from the actions of GIA
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