Hallmarking of Diamond Jewellery
In India, the Gems & Jewellery Export Promotion Council, set up by the Ministry of Commerce has been mandated as the nodal agency for the Kimberley Process Certification Scheme.
While the export market is well regulated, there is no regulatory body for domestic buyers of diamonds in India. The entire diamond industry is based upon trust between the jewellers and the consumers. No certification scheme has yet been launched for diamond jewellery by BIS.
Since there is no regulatory body, no hallmarking, and no proof of the exact quality of a diamond, they have very limited resale value. No brand buys the diamond bought from another brand.
Necessary safeguards have to be built in the new scheme of things to prevent incidents of consumers being duped in such purchases in addition to Hallmarking.
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While the export market is well regulated, there is no regulatory body for domestic buyers of diamonds in India. The entire diamond industry is based upon trust between the jewellers and the consumers. No certification scheme has yet been launched for diamond jewellery by BIS.
Since there is no regulatory body, no hallmarking, and no proof of the exact quality of a diamond, they have very limited resale value. No brand buys the diamond bought from another brand.
Necessary safeguards have to be built in the new scheme of things to prevent incidents of consumers being duped in such purchases in addition to Hallmarking.
more
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I recall a chat with our jeweller about a year ago on rising prices of noble metals like gold and silver. The conversation wandered over to diamonds, especially because he is a diamond specialist. I was astonished to hear how well the diamond quality and the price levels were accurately defined for sale in India. more
Oct 12
Customers are being fleeced for actual value of diamonds since selling price for almost half of the purchase price. more
Oct 09
I fully agree with Mohitji. What respect one gets while buying, he does not, while selling and to top it, the value is not more than 50 or 60%. more
Oct 07
