In the world of diamonds, the definition of a "diamond" is receiving attention in India. The Gem and Jewellery Export Promotion Council (GJEPC) has adopted a new standard aligned with the guidelines set by the Federal Trade Commission in the USA. This standard mandates that a "diamond" must be a natural stone sourced from the earth. With the growing popularity of lab-grown gems, distinguishing between natural and synthetic diamonds has become crucial. Currently, both types are often sold without clear distinctions. To address this, the GJEPC is urging the Indian government to update the Consumer Protection Act to reflect the new definition of a "diamond" as a natural stone. Consumers often assume that a "diamond" is natural, but the current law lacks explicit protections. The GJEPC is advocating for clear guidelines to prevent lab-grown diamonds from being misrepresented as natural ones. The council plans to educate the Indian trade industry to ensure compliance and level the playing field. It emphasizes the need for all stakeholders in the trade value chain to responsibly guide consumers and consumer bodies to enhance confidence. Terms like real, genuine, natural, and precious are not suitable for lab-grown diamonds. It is recommended to use the term "cultured" followed by descriptors like laboratory-created or laboratory-grown. The FTC permits the use of "cultured" with qualifications to avoid confusion. While the term "synthetic" is not preferred for lab-grown diamonds, it is not prohibited by the FTC.
MUMBAI: What's in a name? More than one might think- especially in the world of diamonds. India's trade body, Gem and Jewellery Export Promotion Council (GJEPC), has now embraced a new standard, follo...