The Indian government is seeking to establish a plan for hallmarking diamonds, similar to the way in which gold is hallmarked, the IndianExpress.com news site reports.
According to Indian Express, the government’s recent decision to impose a 2% import duty on polished diamonds has raised concern that the country might see an influx of lab-grown diamonds, which used to be taxed at a rate of 10%.
The Indian Express quoted an unnamed official with the Gems and Jewellery Export Promotion Council, who said that a potential increase in lab-grown diamonds in the Indian market would “not be good for customers.”
The GJEPC official said that natural diamonds were India’s strength and the country “had no competence” in lab-grown diamonds, and added that the government needed to establish labs that would test diamonds to determine whether they are natural of synthetic.
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