KP Compliance: India's Diamond Traders Must Join GJEPCNovember 24, 21
(IDEX Online) - The Indian government says all trade in rough diamonds must now be regulated by the Gem & Jewellery Export Promotion Council (GJEPC) for Kimberley Process compliance.
Anyone importing or exporting will have to join the GJEPC, said the Directorate General of Foreign Trade (DGFT) on Monday.
In a press statement, the GJEPC welcomed the move, saying it was a shift towards the trade regulating itself rather than being vetted by government.
Colin Shah, GJEPC chair, (pictured) said it highlighted India's commitment against the proliferation of conflict diamonds.
"It gives GJEPC and its members power to self-regulate and continue with the impeccable standards that the Indian diamond industry as a brand put forth to the world," he said.
The GJEPC was established by the government in 1996 to promote the industry and currently has around 7,000 members.
The Kimberley Process was established in 2003 to outlaw conflict diamonds and represents 82 countries.