Earlier this week, a number of leading Indian diamond manufacturers sent an urgent letter to the Gem & Jewellery Export Promotion Council of India (GJEPC), arguing that the "credibility of the gems and jewelry industry is going down in the eyes of the government and general public at large," requesting the GJPEC to do damage control.
"It is well known fact that the industry is going through s stage where trust had been lost due to the misdeeds of a few defaulters." The list of these WILLFUL defaulters is the public domain. In addition, "there are many who have criminally failed to honor the trade commitments and are bankrupt in the market."
The letter writers further said that "average and honest members and their businesses have been tremendously hurt and affected due to these culprits and this has resulted in our credibility hitting rock bottom. Business has been affected tremendously and the entire industry is suffering. It is time for the GJEPC to come forward and take stern measures against them and show that this is not an industry that supports criminals."
The authors of the letter expressed their concern that the Bharat Diamond Bourse had taken measures, but that on the other hand the GJEPC had still not taken any action....