India's
Ministry of Commerce has decided to separate the Harmonized System
Codes (HS Codes) for lab-grown and natural diamonds, respectively, in
response to recent incidents of undisclosed lab-grown diamonds being
mixed with parcels of natural diamonds.
The
issue will reportedly be finalized during a meeting on Monday between
representatives of India's Gems & Jewellery Export Promotion Council
(GJECP) and the Directorate General of Foreign Trade (DGFT), which is
responsible for assigning the HS Codes to different objects. Currently,
the trade for natural and lab-grown diamonds is done through the same HS
Code.
"Due
to the same HS Codes being used for natural and lab-grown diamonds,
there have been cases of lab-grown diamonds being exported overseas in
the name of naturals. This is raising a big question on India's trust
value. If the HS Codes are different then such incidences can be barred
easily," said GJEPC Vice Chairman Pankaj Parekh, as quoted by the news
source.
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