The All-India Gems & Jewellery Trade Federation (GJF) has joined hands with Israel-based leading online news portal, IDEX, to launch the Diamond Retail Benchmark (DRB), the first ever retail rate list for the sale of diamonds in the country.
Consumers will get immense benefit with this benchmark price as they would be able to gauge prevailing price of specific size, colour and clarity of the processed diamond free before making a final purchasing decision.
This is a unique initiative taken by the GJF for the benefit of diamond jewellery consumers, said Bachhraj Bamalwa, chairman.
Due to opaque pricing systems, diamond jewellery makers were quoting any price. Consumers were also paying the price quoted by jewellers assuming that the rare natural diamond might be costly. But, with the introduction of this benchmark price, jewellers will hesitate uneven pricing of jewellery items, said Bamalwa.
The quality of diamond differ depending upon mine, area, colour, quality and rarity. Similarly, prices also differ accordingly. But, the benchmark pricing will enhance consumer education automatically for transparent pricing for jewellery retailers.
The DRB has been created in association with IDEX Online as a new consumer assurance initiative. The DRB focuses on the need to accurately depict the price of diamonds and to introduce transparency in diamond pricing for the consumer. It is a scientifically researched and analyzed data bank and is applicable for diamonds of all sizes, qualities and grades. IDEX rate lists have been endorsed by the World Federation of Diamond Bourses (WFDB).
“The release of the Diamond Retail Benchmark highlights GJF’s commitment to industry as it will address the various needs of both the jewellers and the consumers. The timing of this release is most appropriate as the industry is currently grappling under rapidly escalating prices. The DRB will help make pricing of diamonds easy to understand and will be documented by a transparent and accurate process applicable to all retailers and consumers who would like to make use of this,” Bamalwa said.
“GJF is a body which has been working towards the streamlining of the gems and jewellery industry in India by encouraging and providing tools for the industry to run their businesses in an organised manner. In that direction, the GJF has had extensive workings done with IDEX and it is for the first time ever that DRB has been released in context of Indian rupees. This is our initiative to bring clarity and comfort in the retail diamond sales,” said Vinod Hayagriv, a Bangaluru-based jewellery retailer.
In a simple to read format, DRB is published every quarter and circulated freely to members and available online for consumers to verify diamond rates offered by retailers across India.
