According to the trustful sources it is being resolved at the Bharat Diamond Bourse (BDB) that the BDB will open the door for Laboratory Grown Diamond (LGD) from the January1, 2020. According the just held meeting of CoA at BDB resolved with majority!
De facto, it was being said to media during the third edition of Bharat Diamond Week (BDW) 2019 on October 14 that BDB is reviewing the LGD ban in BDB boundaries. Over all this point was in the court of Natural Diamond Monitoring Committee (NDMC) and it was likely to submit its report latest by December 2019.
It is known that BDB had amplified its voice against the undisclosed mixing of CVDs with mined diamond and announced ban on the LGD in the boundaries of BDB long back. Equally, nip down any such practice the diamond industry had created the Natural Diamond Monitoring Committee (NDMC).
On the other hand, a stand of the global bourses were allowing CVD in their bourses except on the diamond trading floor. Just ahead 2nd edition of BDW in the 2018 Nayan Jani, Editor, Jewellery News India interviewed Ernie Blom, President, WFDB & he had asked why global bourses are not announced ban on CVDs across all the diamond bourses of the world!
In his reply Ernie explained his view & said “The WFDB does not have one, single, stand as an organisation regarding trading in lab-grown diamonds. As you mention, the WFDB allows each of its 30 affiliated bourses to decide for itself what its position is. The BDB does not allow synthetics anywhere on its premises. On the other hand, the Israel Diamond Exchange forbids such stones only on its trading floor.
“We believe this is a policy that makes sense and provides maximum flexibility for our members on their home ground. As for people carrying out illegal activities, we always press for them to be prosecuted to the full extent of the law in the country in which such activities are carried out” he added.
On the other hand members of BDB were convincing the CoA about their trading & operative hassle because of ban on LGDs. No doubt in the meantime diamond industry had implemented effectively their system of My KYCBank.
Recently on the back of NDMC report the CoA resolved to open the BDB boundaries for LGDs. No doubt NDMC have inked a clear guidelines and norms to deal & trade with in the BDB and it is binding on every BDB member. (Exclusively inked & edited by Nayan Jani, Editor, Jewellery News India.)
