The Gems and Jewelery Export Promotion Council (GJEPC) has invited the government and international organizations, including the Kimberley Process (KP), to create a separate classification code for synthetic diamonds and diamonds in order to carry out the certification of artificial stones by analogy with natural.
This recommendation was developed against the backdrop of a sharply increased number of incidents associated with the mixing of undeclared synthetic diamonds with lots of natural stones that undermine the reputation of the Indian diamond industry.
ITC (HS) codes are better known as Indian Trade Clarification (ITC), they are based on the system of encoding import-export transactions.
Sanjay Kothari, representative of the Natural Diamond Monitoring Committee of the GJEPC (NDMC), said: "By February we expect to receive a detailed report on the synthetic polished diamond market. Up to this time, we have taken steps to separate synthetic diamonds and diamonds according to the ITC HS code and carry out their certification in analogy with natural stones. This will help us monitor the market for synthetic diamonds. Import of rough diamonds is not subject to duty, according to the ITC HS code issued by the Directorate General of Foreign Trade (DGFT). While imported natural diamonds have KP certification, including an indication of the country of origin, synthetic stones of such certification are not subject to certification.