Summary:
SURAT: The Gems and Jewellery Export Promotion Council ( GJEPC ) has clarified that the valuers and customs house agent, involved in the multi-crore rough diamond import scam, were not referred or recommended by the council on the trade valuation panel of the customs.In a statement, GJEPC said that the entire scam was unearthed by the whistle-blowers in the diamond industry. The custom house agents and a large part of valuers were not recommended or referred to, by GJEPC as part of trade valuation panel at the customs,” read the GJEPC statement.During the past months, the GJEPC was engaged in a sustained campaign in exposing the malpractices. The council had also sensitised the Centre on overvaluation of several imports from Hong Kong, along with proof of such activities. The importer who is on the run, inflated the value of the rough diamonds from Rs 1 crore to Rs 160 crore and the money was transferred through the banks to Hong Kong.“It is unfortunate that a group of people who are not members of the GJEPC have used Gem and Jewellery products as a conduit for money laundering and malpractices. The scam was running for a very long time and it was hurting the genuine importers.The multi-crore rough diamond import scam by the diamond merchants and valuers busted by the Directorate of Revenue Intelligence (DRI) in Mumbai on Thursday has rocked the diamond industry.The rough diamond importers, who are believed to have taken out Rs 3,000 crore by inflating the prices of the precious stones in the last-one-and-half-year, connived with the valuers who then assign the value of diamonds on customs panel..