BDB widens Diamond definition at AGM

New definition includes Synthetic Diamond-LGD! 

After AGM, members are considering the amendment that made at Special Business in the 36th AGM of Bharat Diamond Bourse (BDB) is a New Year gift! At the BDB AGM, the Special Business had amended the diamond definition and had included Synthetic Diamond-LGD (Lab Grown Diamond). Recently the BDB held the thirty sixth Annual General Meeting (AGM) of BDB on Monday, December 28, 2020 at BDB Convention Hall. 

Since long- 2015, BDB boundaries remained closed for such LGDs and diamond fraternity will recollect several debate & discussion about the BDB approach. Yet the BDB de facto had gained a great reputation to source mined diamond in the world without any fear on the back of adopted definition in their AA, “Diamond, means any natural and/or mined diamond, whether rough or polished.” 

Since long the managing committee of BDB was facing the members’ pressure to adopt LGDs by allowing in the premises. Virtually every player was favouring and about 75% of mined diamond players had started in dealing LGDs outside of BDB especially from premises outside the BDB boundaries in BKC (Bandra Kurla Complex).

The 36th AGM of BDB that held on December 28, have resolved and accepted the new definition, “Diamond, means any natural and/or mined diamond, whether rough or polished and/or synthetic diamond and/or lab grown diamond.” Here in the widening of definition, the AGM added: Lab Grown diamond/s and / or Synthetic diamond/s!

By inserting the definition of, Lab Grown diamond/s and / or Synthetic diamond/s,  BDB mean such stones that are laboratory-grown or laboratory created and have essentially the same chemical composition, crystalline structure and physical (including optical) properties of a Diamond whether rough or polished. 

Perhaps, the BDB AGM had also accepted several norms and that would be announced sooner as a Guideline for BDB members to observe in dealing LGDs in the BDB premises. Although BDB management is being authorised to take related disciplinary action including suspension, debarment and restriction of entry from the bourse, expulsion, fine or such other appropriate disciplinary measure or actions as decided by the Managing Committee and/or the such committee as may be designated or constituted by the Managing Committee from time to time, upon any breach of Guideline’s Rule by any member. 

The official version is expected by the BDB with in a day or two with details. 





 

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