Industry News by Nemesis

Asian Groups Seek to Standardize Region’s Trade

March 8, 2019

 

Four of Asia’s industry groups have agreed to work together on standardizing language and rules for the diamond trade. 

The National Gemstone Testing Center (NGTC), the Gem and Jewelry Institute of Thailand (GIT), the Gemmological Institute of India (GII), and the China Gems & Jade Exchange (CGE) signed a memorandum of understanding (MoU) to further that effort, the NGTC said. 

The signing took place at the Global Jewellery Industry and Standardization Forum during last week’s Hong Kong International Jewellery Show. 

The groups launched the Asia-Pacific Gems & Jewellery Standardization Technology Alliance (AGA), which will address issues facing the international jewelry trade, unified rules and prospects for international standardization in the Asia-Pacific region. 

“Standards are the common language and rules in social and economic activities, and it promotes the interconnection of the world, accelerates innovation and development, and leads the progress of the times,” said Liang Zhenjie, deputy director of the NGTC. 

Standardizing the gem and jewelry trade will expand business globally and reinforce cultural exchange and integration, Zhenjie noted. 

“Strict adherence to agreed-to grading standards, nomenclature and methods of testing are prerequisites for the development of the gemstone and jewelry industries in China,” Gaetano Cavalieri, president of the World Jewellery Confederation (CIBJO), said at the event. 

The successful implementation of standardization procedures will affect the Chinese jewelry industry’s success outside of the country, Cavalieri added. 

Image: Signing of the MoU on industry standardization. (NGTC)

 

Source: Rapaport

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