New Delhi, Nov 19 (SocialNews.XYZ) The government on Tuesday said it will soon release a robust framework to ensure transparency, accountability and consumer protection across the diamond industry.
In a consultation on consumer protection in the diamond sector led by the Central Consumer Protection Authority (CCPA) under the Ministry of Consumer Affairs, the stakeholders addressed critical concerns regarding the lack of standardised terminology and inadequate disclosure practices in the diamond sector.
“These gaps have resulted in consumer confusion and misleading practices, especially concerning the differentiation between natural diamonds and lab-grown diamonds,” argued the stakeholders in the meeting chaired by Nidhi Khare, Chief Commissioner, CCPA.
The broad key aspects and prevailing Legal and Regulatory frameworks were discussed in detailed. For example, the Legal Metrology Act, 2009, under Section 12, provides the unit of mass for diamonds, pearls, and precious stones as the carat, equivalent to 200 milligrams or one five-thousandth of a kilogram, ensuring standardised measurements for consistency in commercial transactions across the diamond industry.
Also, the Bureau of Indian Standards (BIS) Standard IS 15766:2007 mandates that the term "diamond" alone must exclusively refer to natural diamonds.
Synthetic diamonds cannot be labelled as "diamond" without qualification and must be explicitly referred to as “synthetic diamonds,” irrespective of the production method or material used.
To maintain market clarity, synthetic diamonds are also prohibited from being graded alongside natural diamonds.
The industry players emphasised the need for ethical marketing practices and consistent terminology to enhance consumer protection. The CCPA said it will soon release a robust framework to protect diamond consumers.
Under the Consumer Protection Act, 2019, a robust legal framework to safeguard consumer interests by preventing unfair trade practices and ensuring transparent labelling in the diamond industry is provided. Which prohibits misleading descriptions or omissions that may confuse consumers.
Meanwhile, the overall gross export of cut and polished diamonds rose by 11.32 per cent in October, standing at Rs 11,795.83 crore compared to Rs 10,495.06 crore for the corresponding period last year.
The gross imports of rough diamonds stood at Rs 53,733.31 crore in October, showing a decline of 24.3 per cent when compared with the imports for the same period last year which stood at Rs 70,061.18 crore, according to latest data by the Gems and Jewellery Export Promotion Council (GJEPC).
Source: IANS
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