RAPAPORT… The Indian government will require all traders to become members of the Gem & Jewellery Export Promotion Council (GJEPC) if they wish to import and export rough diamonds under the Kimberley Process (KP).
The GJEPC will regulate its members to make sure they comply with KP terms, the gem and jewelry group said Tuesday. The move comes as the government aims to remove itself from the oversight process, GJEPC explained.
“As the largest manufacturing and exporting center of cut and polished diamonds, India’s commitment against proliferation of conflict diamonds is highlighted with this act of the government,” said GJEPC chairman Colin Shah. “It gives GJEPC and its members power to self-regulate.”
The new notification, which the Directorate General of Foreign Trade (DGFT) put into effect Monday, expressly forbids any import or export of rough by anyone not registered with the GJEPC.
Image: Rough diamonds. (Shutterstock)
India: Traders Must Join GJEPC to Import Rough
The Bottom Line
- The Indian government requires all traders to join the Gem & Jewellery Export Promotion Council (GJEPC) to import and export rough diamonds under the Kimberley Process.
- GJEPC will oversee member compliance with Kimberley Process regulations, taking over government oversight responsibilities.
- The Directorate General of Foreign Trade's new rule prohibits rough diamond trade by anyone not registered with GJEPC.
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