After the Directorate of Revenue Intelligence (DRI) busted a Rs 2,000-crore money laundering racket at the Bharat Diamond Bourse (BDB), the Gem and Jewellery Export Promotion Council (GJEPC) on Monday said the trade panel is working with multiple agencies to plug loopholes in the diamond trade.
In an exclusive interview to CNBC-TV18, Colin Shah, vice-chairman, said, "Our system is not 100 percent watertight and hence, there are these unscrupulous elements who are able to come to this industry and get away with it."
Shah said, if diamond trade is done per the laws of the land defined by the government of India, it's not easy for anyone to do fraudulent activities in the industry.
According to Shah, GJEPC is working very closely with customs, DRI, union commerce ministry and the banks to streamline the process, so that somebody from outside the trade cannot tarnish the entire image of the diamond industry.
First Published: Jul 16, 2018 2:08 PM IST
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