One of the leading companies for the production of jewelry in the US Stuller became a member of the International Association of diamonds grown in a lab (International Grown Diamond Association, IGDA) , the organization said in a statement dated 7 June. IGDA - industry association, which includes the leading manufacturers of diamonds grown in a lab, and includes distributors, suppliers, retailers, and technical experts.
Member of the patron and the secretary general of the association, Richard Garard (Richard Garard) and the head of Microwave Enterprises in combination (US), said: "We are very pleased to welcome Stuller in our association during the last 4 months since our launch, more than 20. diamond companies producing lab-grown stones and technical experts have signed up for membership in the IGDA. Our organization really emerged as a collective front for producers of diamonds grown in a lab from around the world. "
IGDA members are now located in the United States, China, Singapore, India, the Philippines, Russia, Canada and Hong Kong. Among the current members of the IGDA - IIa Technologies, Microwave Enterprises, Washington Diamonds, New Diamond Technology, Scio Diamond, Golcondia, Pure Grown Diamonds, Polished Diamond Company, Diamond Foundry, MiaDonna & Company, Chatham Created Gems & Diamonds, Numined Diamonds, Fair Trade Jewellery Co., The Gold Concept Jewelry and Design , Caraxy, M. Gellar, Schubach Enterprises, D.NEA and DM Gems India.
IGDA is committed to protecting the interests of the industry representatives on the production of synthetic diamonds, it promotes such stones as the new choice for consumers, but also spreads knowledge about the various unique features and applications of diamond grown in a laboratory.
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Reserve Bank of India (Reserve Bank of India, RBI) allowed some banks to provide unsecured loans to importers of diamonds for a period exceeding 180 days from the date of shipment, subject to certain conditions, according to gjepc.org
According to an RBI in a circular, the decision was taken after consultation with the government of India to facilitate the importing operation.
Blank credit or a loan without security is provided by a foreign supplier to the Indian customer for the import of diamonds without formal guarantees from the Indian financial institution, which significantly speeds up and simplifies the process. Banks have the right to approve the blank credit for Indian importers, but for a period not exceeding 180 days.
At the same time, RBI has designated a number of conditions for the banks to provide such a loan. They need to establish the authenticity and good faith in the transaction; extend the loan term only when the financial difficulties or challenging the quality of the products; make sure that the importer is under investigation; and, in addition, be moderate in the fact that the importer is not a frequent violator of the rules of production and import trade.
The expansion of credit terms was permitted for a maximum period of 180 additional days, after which the banks "may refer cases to the regional offices of the Reserve Bank." RBI has asked all banks to submit semi-annual report on such extensions.
In addition, banks were asked to provide a comprehensive check on compliance with "know your customer" (Know-Your-Customer, KYC) and anti-money laundering standards. RBI has also asked them to scrutinize any strong or abnormal increase in the volume of business in order to "ensure that the transaction is fair."
Adzhesh Mehta (Ajesh Mehta), one of the leaders of the subcommittee on banking, insurance and tax Export Promotion Council of precious stones and jewelery (Gem & Jewellery Export Promotion Council, GJEPC), said: "GJEPC long been asking the government to some extent simplify the procedure and we are grateful that the authorities have taken this step. "
. "This is very positive news for the diamond industry, especially in the current market situation, manufacturers will now have the flexibility to work directly with their bankers in those cases where they do not depend on the circumstances lead to delays," - he added.
According to him, it will also help the industry cope with the delays caused due to external factors, for example, at the time of certification and evaluation of diamonds.
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