Counterfeit and illegal diamonds are being sold in the country’s market. On the one hand, the government is being deprived of revenue, on the other hand, the buyers are also falling prey to fraud. Although Bangladesh Jewelers Association (BAJUS) has taken initiative to stop the violence of counterfeit and illegal diamonds, it is not yielding results. Dedarche is selling these diamonds.
According to the concerned, the National Board of Revenue (NBR) and Bangladesh Jewelers Association jointly organized a fair in June 2019 for legalizing illegal gold and diamonds. At that time, less than a hundred companies legalized diamonds. But at present diamond products are being sold in more than five hundred establishments in Dhaka city.
They say that diamond products are being sold in almost every jewelry shop in Dhaka city. Where are these companies getting diamonds? Because Diamond has no chance to come to the baggage rule like gold. On the other hand, the number of companies that legalize diamonds is very low. So the government should check whether the jewelry companies have sold legal and genuine diamonds.
Concerned parties further said that just as there are illegal diamonds in the market, there are also fake diamonds. Counterfeit diamonds include ‘Masonite’, ‘CVD’, ‘Lab Made / Man Made’, and ‘Eddie’ stones. The buyers cannot recognize these fake diamonds with the naked eye. Many companies are selling these to the buyers as genuine.
Meanwhile, Bajus sources said that Bajus has formulated a policy to stop the violence of counterfeit and illegal diamonds. At the same time, the executive committee of the organization has decided that all the member organizations of Bajus, which trades in diamond jewelry, should ensure the validity of the stored diamonds by January 30. At the same time, fake Diamond Masonite, CVD, Lab Made / Man Made, and ‘Eddy’ have to be removed from the market.
Bajus general secretary Dilip Kumar Agarwala told Jago News, “This is also our question, where is so much diamond coming from?” About 70 to 80 companies legalized diamonds by announced at the fair. But now diamond products are being sold in almost every jewelry company in Dhaka city. We have asked Bajus member organizations to confirm the validity of the diamond import certificate, sales permission, purchase and sale receipt from dealers or suppliers, and file or stock declaration documents at the fair. ‘
Asked about the fake diamonds, he said, “We want the buyers not to be deceived. Our goal is to provide the best service to our customers. For this, we have asked Masonite, CVD, Lab Made / Man Made and Eddie to be removed from the market. In addition, the minimum standards for color and clarity of all diamond jewelry between 1 and 50 cents will be ‘IJ’ and ‘SI to’. Certificates have been made mandatory for all diamond jewelry above 50 cents. ‘
Agarwala said, “We have been asked to update the documents of the respective jewelry companies under different names and send them to the Bajus office, avoiding names similar to the names of various established jewelry companies to stop the fraud.” In this case, the previous member ID will be correct and there will be no fee to change the name. ‘
Meanwhile, the responsible officials of several jewelry companies said that a large part of the illegal and counterfeit diamonds was sold by different jewelry companies at different times with discounts. Buyers are often deceived into thinking that they can get diamond products at a lower price. Because the counterfeit diamonds that are sold in the market look exactly like real diamonds. As a result, small buyers do not understand whether they are buying real or fake diamonds.
Asked about this, Gangacharan Malakar, head of Venus Jewelers and former president of Bajus, told Jago News, “There is no such thing as fake diamonds in our market. However, there may be questions about the value of diamonds. You can’t get a good quality diamond for less money. Not Masonide, CVD, Eddie Diamond. We do not sell this information secretly to buyers. ‘
Diamond does not come to the country under the baggage rule. Asked where the diamonds were coming from, the businessman said, “Yes, there is no chance of diamonds in the baggage rule.” The government has to bring in diamonds from outside with proper tariffs. Now diamonds are being sold in almost every jewelry company. I can’t say where so many diamonds are coming from. The government should see the legitimacy of these diamonds.
He added, “Many times consumers want to buy diamond products at a lower price. I advise them to buy gold without buying diamond products for Rs 10,000. It is not possible to get a good diamond with 10 thousand rupees. Eddie Stone is better than this. Because Eddie’s stone is as shiny as a diamond. In addition, those who sell diamond products with discounts, give discounts at extra prices. So buyers will be deceived if they buy diamond products thinking that they are getting discounts. ‘
In this regard, Dilip Kumar Agarwala said, “We have given a guideline on how much discount can be given on diamond products. For special occasions, a maximum of 25 percent discount can be given in the showroom and a maximum of 26 percent online. The maximum duration of this discount will be 15 days. A maximum of 15 percent discount will be available in showrooms throughout the year and 16 percent online.