Gemstone Trade: A Minefield of Deception
The Indian gemstone market, worth billions, remains shockingly unorganised. A complete lack of corporate structure and accountability fosters widespread mistrust.
Consumers are frequently duped into buying heated, treated, or even synthetic gemstones misrepresented as natural. This deceptive practice is rampant, leaving buyers vulnerable.
Many unsuspecting customers pay exorbitant prices for inferior products, unaware of the fraudulent practices employed by some sellers. The absence of a reliable certification process exacerbates the problem.
This lack of regulation not only defrauds consumers but also harms the reputation of honest gemstone traders. The government must urgently intervene to establish a transparent and accountable system. Without such intervention, the industry’s potential for growth and export revenue will remain severely hampered. The need for a robust regulatory framework is paramount to protect both consumers and ethical businesses.
