Ali Pastorini: “We have to change a little the way to sell the idea that buying jewelry is just for glamour”

Ali Pastorini is the co-owner of DEL LIMA JEWERLY and President of Mujeres Brillantes, an association which brings together approximately 1000 women working in the gold and diamond trading sector, mainly from Latin America, as well as from Turkey, Spain...

18 february 2019

Indian gem and jewellery manufacturers have the skill and capabilities to cater to any market in the world

Besides spearheading the “White Paper” last year, Colin Shah, Vice Chairman of the Gem & Jewellery Export Promotion Council (GJEPC) has been actively involved in the initiatives of the Council like MyKYCBank and many more… A first generation...

11 february 2019

The Indian gems and jewellery industry was progressing in the past and will certainly progress in the future

Dinesh Navadiya, the Regional Chairman (Gujarat Region) of The Gems & Jewellery Export Promotion Council (GJEPC) of India, is also the representative of the Gujarat G&J sector at various organisations as well as government authorities...

04 february 2019

The Russian Diamond Line: We do not believe that gifted persons would win through on their own

The Russian Diamond Line, a Moscow international jewellery contest of jewellery design, has been held for a decade already. At the end of the year, the results of the jubilee RDL-2018 contest were summed up, and on December 14, the prizewinners of the...

28 january 2019

New lending will have to be fully asset-backed with true provenance and transparency in the flow of goods and monies

After handling Gem & Jewellery (G&J) industry financing as a banker for many years, Erik A Jens sees an opportunity now that numerous banks are withdrawing from the sector. He is exploring opportunities to establishing a financing firm focusing...

21 january 2019

TDC warns entities declaring bankruptcy and restarting business without discharging liabilities

17 january 2019
gjepc_logo_news.pngThe Trade Disciplinary Committee (TDC) set up jointly by The Gem & Jewellery Export Promotion Council (GJEPC), the Bharat Diamond Bourse (BDB) and the Mumbai Diamond Manufacturers Association (MDMA), has issued a circular for members of the respective organisations intimating them that action will be taken against entities which have declared bankruptcy/insolvency, and continue to conduct business through another entity, without discharging  their liabilities, says a report in gjepc.org.
The actions include preventing such companies/entities/individuals from doing business from the premises of any of the trade bodies, which include the Bharat Diamond Bourse Complex, and all locations of the GJEPC and the MDMA. The actions proposed have been formulated under Sections 12 and 13 of the guidelines approved and passed by the TDC and the three bodies which set it up.
Clause 12 reads: “In the event any company/entity/individual has declared bankruptcy as per the market practice and its shareholders, partners, directors, and/or officers start business separately without discharging its liability then TDC shall be entitled to take action against such company/entity/individual as it deems fit including restricting it from carrying on business from the premises of any of the trade body as being part of the TDC.”
Cause 13 reads: “In the event of any company/entity/individual being declared bankrupt as per market practice and continues to carry on trade in the industry pursuant thereto with any other individual or entity or through dummy from the trade and the same is brought to the notice of the TDC, then TDC shall be entitled to initiate action not only against the Company/Entity/Individual declared bankrupt but also the person/company who supports or with whom the business is carried out or is associated with.”
The report adds that the circular is for the information of all members and serves as a warning to those who have declared bankruptcy/insolvency to desist from carrying out any new business without first discharging all their liabilities.
“The Trade Disciplinary Committee was set up two years ago to ensure that ethical and moral standards are maintained within the trade,” explains Sanjay Kothari, Convenor of the TDC. “Over the last six months, we have seen a few companies declaring bankruptcy and going on to conduct business without discharging their liabilities. In such cases, a portion of their dues may be settled, but other claims are left unsettled and trade members suffer losses as a result. What is more, the same persons involved in declaring themselves bankrupt go on to do business again, without paying all their dues. This puts trade members at further risk.”
Kothari adds: “We have asked members not only to desist from dealing with such entities but also to come forward to inform us if they come across such instances or are at the receiving end of such practices. As an industry, it is imperative that we stamp out any malpractices and maintain transparency and the highest ethical standards.”

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished