The All India Gems and Jewellery Trade Federation (GJF) on Thursday announced the launch of the Diamond Retail Benchmark (DRB), a price chart for retail buyers of diamonds.
Bachraj Bamalwa, who recently assumed office as the Chairman of the GJF, said the new index, developed by IDEX Online, an Israeli company, would ensure greater transparency in the pricing of cut diamonds in the country, depending on the quality and various other parameters.
IDEX Online Managing Director Yaron Barzilay said the new index would ensure that sellers did not overcharge diamond customers.
“Third party certification of prices and quality would ensure greater transparency,” Mr. Barzilay said.
“The price index is generic in nature and is localised for India by providing diamond prices in rupees for various types of diamonds,” Mr. Barzilay said.
He said the IDEX website, optimised for use by tablet devices, would enable customers to track diamond prices over time.
Mr. Barzilay pointed out that diamond prices, unlike gold and silver, had not fluctuated much over time.
Mr. Bamalwa said the GJF had opposed the imposition of excise duty on branded jewellery and said the move would destabilise the industry.
He said the federation was committed to working with the government to “improve the unhealthy and unhygienic conditions in which Indian artisans work.”
Keywords: diamond industry