Bharat Diamond Bourse to Trade Lab-Grown Diamonds
lenore.fedow@nationaljeweler.com
Mumbai, India—The Bharat Diamond Bourse in Mumbai approved the trading of lab-grown diamonds at its annual general meeting.
The trading will not start just yet, said the BDB.
The BDB Managing Committee will outline a set of guidelines for members who want to trade lab-grown diamonds.
Possible guidelines include a separate application or registration for those who want to trade lab-grown diamonds and separate stock and inventory management systems.
Companies trading both natural and lab-grown diamonds may be asked to form two separate entities and set aside an office space solely for lab-grown diamonds.
“The BDB members will have to adhere to a set of guidelines formed by the bourse’s management before they are allowed to trade in synthetic diamonds,” said Vice President Mehul Shah in a press release about the decision.
“The intention is to keep the two pipelines—natural and lab-grown—separate.”
Allowing lab-grown diamond trading will help sustain the Indian diamond manufacturing industry, GJEPC Chairman Colin Shah said.
“The industry has always believed in being inclusive, and there is a place for every product to exist as long as the disclosures are made. I see no reason why natural diamonds and lab-grown diamonds cannot co-exist as both products are important for keeping the home fires burning,” he said.
The trading will not start just yet, said the BDB.
The BDB Managing Committee will outline a set of guidelines for members who want to trade lab-grown diamonds.
Possible guidelines include a separate application or registration for those who want to trade lab-grown diamonds and separate stock and inventory management systems.
Companies trading both natural and lab-grown diamonds may be asked to form two separate entities and set aside an office space solely for lab-grown diamonds.
“The BDB members will have to adhere to a set of guidelines formed by the bourse’s management before they are allowed to trade in synthetic diamonds,” said Vice President Mehul Shah in a press release about the decision.
“The intention is to keep the two pipelines—natural and lab-grown—separate.”
Allowing lab-grown diamond trading will help sustain the Indian diamond manufacturing industry, GJEPC Chairman Colin Shah said.
“The industry has always believed in being inclusive, and there is a place for every product to exist as long as the disclosures are made. I see no reason why natural diamonds and lab-grown diamonds cannot co-exist as both products are important for keeping the home fires burning,” he said.
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