Fake and illegal diamonds are being sold in the country’s market. On the one hand, the government is deprived of revenue, on the other hand, consumers are also victims of fraud. Bangladesh Jewelers Association (BAJUS) has taken initiative to stop the violence of fake and illegal diamonds, but it is not getting results. These diamonds are being sold.
Those concerned say that the National Board of Revenue (NBR) and Bangladesh Jewelers Association held a joint fair in June 2019 to legalize illegal gold and diamonds. At that time, less than 100 companies were authorized by Diamond. But at present diamond products are being sold in more than five hundred companies in Dhaka city.
“Diamonds are now sold in almost every jewelry establishment. I cannot say were so many diamonds are coming from. The government should check the validity of these diamonds”
They say that diamond products are being sold in almost every jewelry store in Dhaka city. Where are these organizations getting diamonds? Because diamond has no chance to come under the baggage rule like gold. On the other hand, the number of organizations that validate diamonds is very few. So the government should check whether the jewelers are selling legitimate and genuine diamonds or not.
Those concerned also said that on the one hand, there are fake diamonds in the market as well as illegal diamonds. Fake diamonds include – ‘Masonite’, ‘CVD’, ‘Lab Made/Man Made’ and ‘ED’ stones. The buyers cannot recognize these fake diamonds with the naked eye. Many companies are selling them to customers as genuine.
Meanwhile, according to Bajus sources, Bajus has made a policy to stop the exploitation of fake and illegal diamonds. Along with that, the executive committee of the organization has decided that by January 30, all the member organizations of Bajus dealing in diamond jewelry must confirm the validity of the stocked diamonds. Also, fake diamond masonite, CVD, lab maid/man maid, and ‘AD’ should be removed from the market.
Bajus General Secretary Dilip Kumar Agarwala told Jago News, “This is our question too, where are so many diamonds coming from?” About 60 to 70 companies have validated diamonds by announcing them at the fair. But now almost every jewelry company in Dhaka city is selling diamond products. We have asked BAJUS member institutions to confirm the validity with documents such as diamond import certificates, sales permission, sales receipts from dealers or suppliers, and file or stock declaration at fairs.
Asked about fake diamonds, he said, “We want buyers not to be cheated.” We aim to provide the best customer service. For this, we have asked to remove Masonite, CVD, Lab Maid/Man Maid, and AD from the market. Also, the minimum standards of color and clarity for all diamond jewelry between 1 and 50 cents will be ‘IJ’ and ‘SI Two’. The certificate has been made mandatory for all diamond jewelry above 50 cents.
Agarwala said, “To stop fraud, we have been asked to update the documents of the respective jewelry companies with individual names and send them to the Bajus office, avoiding names similar to the names of established jewelry companies. In this case, the previous member ID will be valid and no fee will have to be paid for changing the name.
Meanwhile, responsible officials of several jewelry companies said that a large part of illegal and fake diamonds are sold by various jewelry companies at a discount. Many times buyers are deceived thinking that they are getting diamond products at a low price. Because fake diamonds 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.
When asked about this, Gangacharan Malakar, the leader of Venus Jewelers and former president of Bajus, told Jago News, “There is no such thing as the fake diamond in our market. However, there may be questions about the quality of diamonds. You cannot get a good quality diamond for less money. Masonide, CVD, AD Diamond no. We don’t sell them to customers with hidden information.’
Baggage rules do not bring diamonds into the country. When asked were so many diamonds are coming from, this businessman said, ‘Yes, there is no opportunity for diamonds to come under the baggage rule. The government should import diamonds by paying proper duty. Diamonds are now sold in almost every jewelry establishment. I cannot say were so many diamonds are coming from. The government should see the validity of these diamonds.
He also said, “Many times buyers want to buy diamond products at low prices. I advise them, that they should buy gold instead of buying diamond products for 10 thousand rupees. It is not possible to get a good diamond with 10 thousand rupees. Eddy stones are better than this. Because Eddy stones sparkle like diamonds. Besides, those who sell diamond products with discounts, give discounts on the increased price. So buyers will cheat if they buy diamond products thinking that they are getting a discount.’
In this regard, Dilip Kumar Agarwala said, ‘We have given a guideline on the amount of discount that can be given on diamond products. Up to 25 percent discount in the showroom and up to 27 percent discount online on special occasions. The extent of this discount will be maximum of 15 days. A maximum of 15 percent discount can be given in showrooms and 17 percent online throughout the year.