The 50th Annual General Meeting (AGM) of the India’s Gem & Jewellery Export Promotion Council (GJEPC) has concluded with two important decisions: according to a report in Gem Konnect, GJEPC changed its code of ethics to enable it to become a member of the World Federation of Diamond Bourses (WFDB); and created a Trade Disciplinary Committee (TDC) with the Bharat Diamond Bourse (BDB) and the Mumbai Diamond Merchants’ Association (MDMA).
According to the report, the newly formed TDC will deal with “misconduct in the gem and jewellery trade including financial fraud, cheating, and the undisclosed dealing in synthetic diamonds, making false and incorrect inscription on gems and jewellery, non-compliance and/or breach of business practices (including financial disputes) and ethical misconduct as well as issues relating to the bankruptcy of industry stakeholders among others”.
In addition, the AGM endorsed GJEPC’s participation in the Diamond Producers Association’s global generic diamond promotion campaign as well as the domestic campaign launched in conjunction with De Beers.
