this market is now worth rs 32000 crore and we are looking to gain share but at our prices provided it meets our credit quality standards large diamond traders in the business for generations are sitting pretty owing to established banking relationships and strong balance sheets the point of stress from a bankers vantage perch is palpable in small firms which are into niche businesses outside the formal system we were not affected by the scam because we were always cautiousthere is no reason to change anything we will continue to remain vigilant and pick clients says patnaik of indusind which corners around rs 7000 crore of the rs 32000crore formal diamond financing market in indiapurity of certificationit was the allegation against gitanjali gems run by modis uncle mehul choksi that dealt a body blow to the diamond industry the owner of gitanjali gems is alleged to have forged purity certificates to sell jewellerythere are also unconfirmed reports of the group mixing cheap labgrown diamonds with real diamonds gjepc has categorically denied these charges terming these unconfirmed reports as propaganda by disgruntled elementsmixing of labgrown diamonds with real ones has not happened not a single diamond gets exported without proper certification says pandya the report that choksi mixed fake diamonds with real ones in studded jewellery sets has not been proven yet gitanjalis studded jewellery segment was very smallthe question mark over veracity of purity certificates has put diamond testing laboratories in the spotlight according to industry sources there are hundreds of illequipped diamond purity testing centres about 1518 would be fully equipped the rest of them are elementary labs says bakul mehta a diamond merchant and chairman of gemmological institute of india gia b2b customers will not have any problem spotting fake diamonds as they are wellequipped the challenge would be to serve domestic customers there should be enough wellequipped labs to ascertain the quality of diamonds people purchasewellequipped testing labs mostly located in metros and big cities are now seeing walkin customers wanting to test diamonds in their possession a clear departure from when they were mostly frequented by exporters and jewellerstheres mistrust among diamond buyers now people are not sure about the diamonds theyve purchased says aarzoo jindal ceo international gemological laboratory and a director at jindal diamonds also buyers who migrated from traditional family jewellers to branded shops are disillusioned now theyre not able to place their trust in any retailer now if this mistrust is not allayed buyers may shift to labgrown diamonds and artificial jewelleryaccording to jindal about 90 of diamonds sold in india are uncertified customers should test their diamonds after purchase this will rule out instances of forged certificates she saysgold rushfor the past few weeks a message from mumbais zaveri bazaar jewellers undersigned by india bullion jewellers association is circulating on whatsapp sona hai suraksha ke liye innocuous but with an unmistakable undertonewhy buy a fake diamond when you can purchase hallmarked gold from us quips anil jain