Hallmarking of Diamond Jewellery
While the export market is well regulated, there is no regulatory body for domestic buyers of diamonds in India. The entire diamond industry is based upon trust between the jewellers and the consumers. No certification scheme has yet been launched for diamond jewellery by BIS.
Since there is no regulatory body, no hallmarking, and no proof of the exact quality of a diamond, they have very limited resale value. No brand buys the diamond bought from another brand.
Necessary safeguards have to be built in the new scheme of things to prevent incidents of consumers being duped in such purchases in addition to Hallmarking.