50
th
ANNUAL REPORT 2015-2016 THE GEM & JEWELLERY EXPORT PROMOTION COUNCIL
10
1. OBJECTIVE:
1.1. The Gem & Jewellery Industry (hereinafter referred to
as “the Industry”) has inherited the culture of self-regulation
and perpetuated strong foundation of trust and moral values
leading to long lasting business ethics over the years,
however growth of business and global operations involving
many players in the Industry and the consequences thereto,
necessitates to build a strong mechanism to enforce these
values so that there is transparency and an increasing
trustworthiness amongst all concerned in the Industry.
1.2. Thus, the following bodies of the Industry have come
together in order to form a Trade Disciplinary Committee:
(a) Bharat Diamond Bourse, a Company incorporated under
section 25 of the Companies Act, 1956 and now under
section 8 of the Companies Act, 2013 (hereinafter referred
to as “BDB”);
(b) Gem and Jewellery Export Promotion Council, a Company
incorporated under section 25 of the Companies Act and
now under section 8 of the Companies Act, 2013 (hereinafter
referred to as “GJEPC”);
(c) Mumbai Diamond Merchants’ Association, (hereinafter
referred to as “MDMA”);
(BDB, GJEPC and MDMA collectively referred to as “Trade
Bodies”)
with the objective of maintaining highest possible standards
in the Industry for fostering an abiding relationship between
its members and their customers / suppliers, for creating
public confidence in and for increasing goodwill towards the
Industry, which would help to project a better image of the
Industry in India and world at large.
2. ESTABLISHMENT:
2.1 On 6 July 2016, the authorized representatives and
office bearers of the Trade Bodies after discussions and
deliberations of the various challenges faced by the
Industry with the dealings in undisclosed synthetic / man
made / lab grown diamonds, carrying out false inscriptions
on gems resulting in enhancement of the value of gems,
unauthorized alterations of certificates, mixing of natural
diamonds with synthetic / man made/ lab grown diamonds,
cheating, fraudulent activities, failure to honor commitments
and promises and bankruptcy of various persons in the
Industry have unanimously decided to establish and form
a Committee consisting of members from Trade Bodies to
deal with the various challenges faced by the Industry and
to redress the same (including but not limited to passing
restrictive measures and other measures on its members
violating the rules).
2.2 Accordingly, the Trade Bodies have independently as
per their respective Articles, rules and regulations passed
the necessary resolutions, so as to that the decisions and
actions of the Committee established herein shall be binding
on the Trade Bodies and its members.
3. COMMITTEE:
Pursuant to the meeting held on 10 August 2016 and
resolutions passed by the Trade Bodies as per their respective
Articles, rules and regulations, the Committee being “TRADE
DISCIPLINARY COMMITTEE” has been established and
shall be governed as per the rules and regulations stated
herein (hereinafter referred to as “TDC”).
4. ADDRESS:
For the purpose of communication, the address of TDC shall
be as under:
Bharat Diamond Bourse,
Administrative office,
G Block, Bandra Kurla Complex,
Bandra (E), Mumbai - 400051
Telephone: +91 22 2627 1500
Email:
However, TDC shall be at liberty to decide the venue for the
purpose of conducting hearings.
5. MEMBERS OF TDC:
5.1 TDC shall consist of maximum of 21 members. The
members shall among themselves appoint one person as
a Convener. It is clarified that the Convener shall also be
subject to retirement as per rule 6 hereunder.
5.2 Out of the 21 members, each of the Trade Bodies shall
nominate 3 members from their respective Trade Body
which members shall be part of their Managing Committee
thus aggregating to 9 members i.e. BDB shall nominate 3
members, GJEPC shall nominate 3 members and MDMA
shall nominate 3 members.
5.3 The remaining 12 members shall be by way of selection
who shall be nominated by the abovementioned 9 members
at initial stage. However, subsequently the entire TDC
Committee shall participate and decide for selection of the
12 Members.
5.4 None of the Members of the TDC shall have any pending
Complaint or any decision against the Member in respect
of a Complaint made against the Member in the past. In
effect each of the Member shall have clean track record with
respect to its trade practices. In the event of any Complaint
made against a Member pursuant to these rules and
regulations, then the Member shall till the adjudication of the
Complaint not be a part of any of the Sub- Committee (as
defined hereinbelow).
5.5 No Member shall be appointed as Member of the TDC, if
he stands disqualified on account of his:
(i) having been adjudged / declared (voluntarily or otherwise)
an insolvent;
(ii) having been convicted of an offence which involves moral
turpitude;
(iii) having become physically or mentally incapable of acting
as such member;
(iv) having acquired such financial or other interest as is likely
to affect prejudicially his functions as a member;
ANNEXURE A
RULES AND REGULATIONS OF THE
TRADE DISCIPLINARY COMMITTEE
