Bangladesh Jewellers Association (Bajus) has warned that concerns over fake diamond trading could damage consumer confidence and hurt legitimate businesses in the country’s diamond jewellery sector.
In a statement on Thursday, Bajus said the sector, built over the past 15 years through significant investment and efforts by legal and registered businesses, could face losses if the entire diamond trading community is portrayed negatively without specific evidence.
The statement came after several reports in recent times on alleged fake diamond trading.
Bajus said it has no evidence or complaints against any of its members for selling fake diamonds.
The association said Bangladesh now has internationally recognised laboratory facilities where diamond quality can be verified through scientific testing.
It warned that negative perceptions could push affluent customers to purchase diamond jewellery from overseas markets, including India, Hong Kong and Thailand, instead of buying from local businesses.
Such a shift could hurt domestic traders and lead to foreign currency outflows, Bajus said.
According to the association, around 350 diamond jewellery businesses in Dhaka currently operate as its members.
Bajus said many businesses contacted the association after the recent reports, claiming that customer confusion had increased, business reputations were being affected and sales had declined.
The association said the diamond jewellery sector supports a large number of traders, craftsmen, employees and their families directly and indirectly. It estimated that continued disruption in the sector could affect the livelihoods of around 25,000-30,000 people.
Bajus said it maintains a zero-tolerance policy against irregularities and fraud. If any member faces specific and evidence-based allegations, the association said it would examine the matter seriously and cooperate with relevant government agencies and law enforcement authorities for legal action if required.
