The issue of undisclosed mixing of natural and man-made diamonds has gained precedence in the recent past and while some is a result of media hype, some companies are actual victims of the same, as pointed by the Council.
The GJEPC noted that there needs to be a way for man-made and natural diamond industries to coexist. Also, it suggested consumer confidence be maintained through segregation of the natural and man-made diamonds value chain and disclosures at every step. The Council had formed a Natural Diamond Monitoring Committee along with the various trade associations like GJEPC, BDB, GJF and MDMA in August 2013. Also, the Council and BDB have created a platform - Synthetics Diamonds Seminar to create awareness amongst members. Further, to understand the landscape of man-made (synthetic or lab-grown) diamonds, the likely impact on the industry and potential solutions, GJEPC appointed experts – A. T. Kearney (Global Management Consulting Firm) and Bonas & Co (DTC Brokers). A “Steering Committee” comprising of industry leaders meets regularly to drive the agenda of the NDMC forward and look after the completion of the aforesaid project. Based on the findings and recommendations (expected by February 2014) of the experts, the Council along with the National and International Trade bodies and Government will formulate strategies to address the issues identified and formulate necessary guidelines. The GJEPC and BDB have also decided to set up a Man-made Diamonds Quick Detection and Resource Centre at BDB within the next one month and based on the response more centres could be planned (e.g. in Surat).
The Council has asked the industry to remain cautious and to report to the Council of any sale of undisclosed lab-grown/ synthetic/ man-made diamonds and not to pay heed to any rumours in the market which create more harm rather than provide solutions.