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Archive for January 14th, 2014

HS Codes for Synthetic Diamonds

Tuesday, January 14th, 2014

According to the DCLA. “India’s Ministry of Commerce has decided to separate the Harmonized System Codes (HS Codes) for lab-grown and natural diamonds.”

This is due to the increase of undisclosed lab-grown diamonds being mixed with parcels of natural diamonds.

A meeting shortly between the representatives of India’s Gems & Jewellery Export Promotion Council (GJECP) and the Directorate General of Foreign Trade (DGFT), responsible for assigning the HS Codes to different objects, will be held in which the decision will be ratified and the HS Codes will be separated.

“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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