Important decisions were taken at the annual general meeting of the Council to promote the export of precious stones and jewelery (Gem & Jewellery Export Promotion Council, GJEPC) India, which took place on December 20, 2016, according to a report gjepc.org.
In addition to the approval of changes in its code of ethics needed to complete the integration process GJEPC as a member of the World Federation of Diamond Bourses (WFDB), the meeting was also approved the establishment of the Disciplinary Board of Trade (Trade Disciplinary Committee, TDC), together with the Indian Diamond Exchange (Bharat diamond Bourse, BDB) and the Association of diamond dealers and diamond Bombay (Mumbai diamond merchants Association, MDMA) .
The TDC, which consists of 21 members, will consider the issues of illegal activities related to trafficking in precious stones and jewelry, classified as fraud, as well as to transactions with undisclosed synthetic diamonds. Discussions will also be false and incorrect marking of precious stones and jewelery; non-compliance and / or violation of business practices (including financial disputes), customs and ethics; questions relating to the bankruptcy of persons in the trade; and other problems that are related to the field of TDC activity, and that the new body jewelry industry sees fit to discuss.
Chairman GJEPC Pravinshankar Pandya (Praveenshankar Pandya) also proposes to use the demonetization as an opportunity to gems and jewelery industry of India was able to work in an organized manner and to introduce a system of non-cash payment.
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Singapore Diamond Exchange Investment (Singapore Diamond Investment Exchange, SDiX) , the first and only commodity exchange on which are traded diamonds based on physics calculations, began its work May 5, 2016.
According to the web site of the Exchange, SDIX was created to provide a single transparent price discovery mechanism in world trade segment diamonds. It will provide reference prices to banks, financial institutions and investors. Exchange is supported by a fully integrated system, including physical storage, allowing direct contracts, as well as assessment, storage, registration and logistics operations with precious stones.
Diamond seller will be required to bring the stones to be deposited as part of the standard shipments after they GIA certification. Diamonds will be kept in special physical stores located in Singapore and in the Indian Diamond Exchange (Bharat Diamond Bourse, BDB) in Mumbai, both owned logistics company Malca-Amit. Bankers have stored will be necessary to create deposits on the basis of which will be determined by the possible limits of their trade. They will also need to take customer funds and submit them to the stock exchange. Trade will be conducted in the cycle T + 3 (three working days after the transaction).
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