National News
GJEPC & BDB Host High-Impact Customs Open House as Trade Flags Critical Valuation & Procedural Challenges
Senior Customs officials engage directly with diamantaires to address urgent concerns on valuation, investigations, reimports and policy-level reforms ahead of Budget 2026.
GJEPC and the Bharat Diamond Bourse (BDB) jointly organised a high-impact Customs Open House on 4th December 2025 at the BDB Convention Hall, creating a rare direct dialogue between diamantaires and top Customs officials. The session saw active participation from Prachi Saroop, Principal Chief Commissioner of Customs (Mumbai Zone III); Santosh Kumar Mishra, Commissioner of Customs; Roopesh Sukumaran, Additional Commissioner; and Harsh Singh, Joint Commissioner of Customs.
Representing the industry were key leaders including Kirit Bhansali, Chairman, GJEPC; Anoop Mehta, President, BDB & Convener, Diamond Panel – GJEPC; Shaunak Parikh, Vice Chairman, GJEPC; Mehul Shah, Vice President, BDB; Russell Mehta, Member – Diamond Panel, GJEPC; and Sabyasachi Ray, Executive Director, GJEPC.
Members of the trade raised pressing concerns around:
- Volatile diamond pricing
- Delayed investigations
- Inconsistent valuation practices
- Tolerance limits
- Operational issues in exports, reimports & consignment shipments
Diamantaires highlighted frequent discrepancies between panel valuers, difficulties with mixed-quality parcel classification, and the financial strain caused by prolonged case pendency.
Addressing the gathering, Prachi Saroop stressed that the purpose of the Open House was to listen and take corrective action within the legal framework. She committed to speeding up investigations, ideally closing cases within six months, and requested GJEPC to submit a consolidated list of pending matters. She urged the industry to share specific pain points requiring policy-level intervention, especially with Budget 2026 approaching.
Santosh Kumar Mishra explained the functioning of the two-tier panel valuer system, acknowledging the limitations arising from the lack of specialised jewellery experts in customs recruitment. He assured that minor valuation variations were already being treated with practical judgment, while major differences required deeper assessment as per legal protocols.
Industry leaders reiterated the need for clear tolerance limits, harmonised valuation norms, and simplified reimport procedures, especially in a market defined by sharp price fluctuations and unpredictable demand cycles. The session concluded with Customs authorities assuring that all documented grievances would be thoroughly reviewed and that actionable steps would follow—marking a constructive move toward enhancing the ease of doing business for the diamond industry
National News
Cosmos Diamonds Makes History With World’s First LGD  Jewellery  Launched Into Space
The Launch Also Reinforces India’s Emergence As A Global Innovation Hub Where Startups From Diverse Sectors Are Forging Unconventional Partnerships.
In a landmark moment where luxury, science and space exploration converged, Sanjana Tripuramallu, founder of Bengaluru-based Cosmos Diamonds, has achieved a global first by collaborating with private space company Skyroot Aerospace to send Cosmos Bloom, the world’s first lab-grown diamond (LGD) jewellery creation into space aboard the Vikram-1 rocket.
The Cosmos Bloom Diamond is handcrafted in 18 kt gold using 32 pear-cut LGDs arranged in the form of a blooming lotus and mounted on a specially engineered aluminium base plate. It is designed to withstand the extreme conditions of launch and spaceflight. The space-bound jewel is valued at Rs 11 lakh and combines Indian craftsmanship, technology, and innovation.
Sanjana Tripuramallu, Founder- Cosmos Diamonds
The launch also reinforces India’s emergence as a global innovation hub where startups from diverse sectors are forging unconventional partnerships. While Skyroot Aerospace showcased the country’s private launch capabilities through Vikram-1, Cosmos Diamonds used the mission to tell a powerful story of Indian design and scientific ambition on an international stage. With the successful launch of the world’s first lab-grown diamond jewel into orbit, Sanjana Tripuramallu and Cosmos Diamonds have etched their names into both jewellery and space history, demonstrating that the future of luxury may well extend beyond Earth itself.
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