Latest news with #PriteshPatel
Time of India
5 days ago
- Business
- Time of India
GIA discontinues 4Cs certification for lab-grown diamonds
The world's foremost authority on gemology and the world diamond certification body The Gemological Institute of America (GIA) has said it will discontinue giving certificates to consumers for lab-grown diamond (LGD) jewellery as they have decided to do away with the classification of LGDs based on colour, clarity, cut and carat weight – popularly known as 4Cs in the diamond trade parlance. However, the institute will continue to accept laboratory-grown diamonds for evaluation and identification. Pritesh Patel, chief operating officer of GIA, said that they will not issue any certificate to the buyers of LGD jewellery anymore. 'We provide that 4C certificate for natural diamond jewellery, but we will not extend that certification to LGDs.' GIA has offices in Mumbai and Surat – the trading and cutting, and polishing hub for diamonds, respectively. GIA invented the famous 4Cs of colour, clarity, cut and carat weight and in 1953 created the International Diamond Grading System, which is recognised around the world as the standard for diamond quality. Confirming the development, Vishwanath G, chairman of South India-based Wondr Diamonds, which sells both natural and LGDs, said, 'The GIA certification will continue for natural diamonds, but the institute will discontinue with certification for LGDs based on 4Cs. Now it will not issue that certificate.' Apart from GIA, the International Gemological Institute (IGI) issues certification for both natural and lab-grown diamonds . However, IGI is yet to reveal its certification strategy for LGDs. Earlier, GIA would issue a certificate for both natural and LGDs on the same parameters. 'Only the certificates mentioned natural or lab-grown diamonds. Otherwise, the certificates would look similar,' said a Mumbai-based diamond retailer. India produces 20 million carats of LGDs annually. 'Natural diamonds are rare, and it takes billions of years to form natural diamonds. The supply of the rock is limited. On the contrary, LGDs are man-made and can be produced at any time. Therefore, they are not comparable in any way. And consumers should not have any confusion about that,' said Susan Jacques, President & CEO of GIA. More than 95 per cent of laboratory-grown diamonds entering the market fall into a very narrow range of colour and clarity. Because of that, it is no longer relevant for GIA to describe man-made diamonds using the nomenclature created for the continuum of colour and clarity of natural diamonds, Jacques said. GIA will start using descriptive terms to characterise the quality of laboratory-grown diamonds and will no longer use the colour and clarity nomenclature that it developed for natural diamonds. The revised GIA description system for laboratory-grown diamonds will confirm that the submitted item is a laboratory-grown diamond and whether it falls into one of two categories, 'premium' or 'standard.' The categories will be defined by a combination of metrics related to colour, clarity and finish. If the man-made diamond fails to achieve the minimum standard for quality, it will not receive a designation from GIA. Until the revised descriptive system for laboratory-grown diamonds is finalised, the current GIA services for laboratory-grown diamonds will continue to be available. This change to how GIA describes the quality of laboratory-grown diamonds will help consumers understand the important differences in the two products' origin, ensuring their confidence and enabling them to make informed and educated purchase decisions, Jacques added.
The Hindu
6 days ago
- Business
- The Hindu
GIA announces new initiatives for Indian market
Gemological Institute of America(GIA), which is into diamond/gem grading and analysis, education and research has announced the introduction of its Finished Jewellery Report & Coloured Stone Report service in India to provide details about the jewellery piece's components including the metal, gemstone characteristics, and existing engravings. These examinations are part of its gemstone identification and pearl services and focus on the gemological examination of the gems in the jewellery pieces, GIA said. The description in the Finished Jewellery Report will include metal verification and ranges for the clarity, colour, and estimated carat weight of D-to-Z diamonds that don't already have GIA reports for unmounted diamonds. The Jewellery Report will also include details of any current markings. For diamonds that have existing GIA report numbers, the specific grades will be detailed on the report with a link to GIA's Report Check for additional verification, it said. Beginning later this year, GIA said it will start using descriptive terms to characterize the quality of laboratory-grown diamonds and will no longer use the colour and clarity nomenclature that it has developed for natural diamonds. The Institute will continue to accept laboratory-grown diamonds for evaluation and identification, it said. The revised GIA description system for laboratory-grown diamonds will confirm that the submitted item is a laboratory-grown diamond and whether it falls into one of two categories, 'premium' or 'standard.' The categories will be defined by a combination of metrics related to colour, clarity and finish. If the man-made diamond fails to achieve the minimum standard for quality, it will not receive a designation from GIA. Until the revised descriptive system for laboratory-grown diamonds is finalized, the current GIA services for laboratory-grown diamonds will continue to be available, it added. 'More than 95% of laboratory-grown diamonds entering the market fall into a very narrow range of colour and clarity. Because of that, it is no longer relevant for GIA to describe man-made diamonds using the nomenclature created for the continuum of colour and clarity of natural diamonds,' GIA said. This change will help consumers understand the important differences in the two products' origin, ensuring their confidence and enabling them to make informed and educated purchase decisions, it said. Susan Jacques, President & CEO, at briefing in Mumbai reiterated the Institute's commitment for integrity and independence. She said that GIA India would maintain a steadfast focus on its mission to uphold trade & consumer confidence in India's gems and jewellery business at a time when there is a lot of confusion. GIA also named Pritesh Patel, as its new President and Chief Executive Officer, effective August 4, 2025. He holds a Master of Business Administration from the Marshall School of Business at the University of Southern California. He will be responsible for operational strategy, planning, developing and implementing innovative solutions.
Time of India
02-05-2025
- Time of India
HC gives I-T dept custody of unaccounted stolen cash recovered by cops
Ahmedabad: The Gujarat high court permitted the income tax (I-T) department to have custody of stolen cash, which was recovered by the police, instead of depositing the amount in the owner's name after the owner could not satisfactorily explain the source of his income. Tired of too many ads? go ad free now According to the case details, Pritesh Patel filed an FIR with the Prantij police in Sabarkantha district on Feb 2, 2022, regarding the theft of gold and silver worth Rs 90,000 from his house. Later that month, he revealed to the police that his passport and Rs 1.40 crore cash were also stolen. The police launched a probe and recovered part of the stolen cash. While investigating the case, the police inspector informed the I-T department about the theft of such a huge amount of cash and its partial recovery. The recovered cash — Rs 35.28 lakh — was lying with a local magisterial court as muddamal (evidence). Meanwhile, Patel settled the dispute with the accused in this case, and they requested the HC to quash the FIR, which was accordingly quashed in May 2022. On the other hand, the I-T department inquired with Patel about the source of the stolen amount, and he reportedly failed to explain the source of Rs 35.28 lakh. In the absence of any explanation from Patel, the I-T department initiated the process of requisitioning the cash from the investigating officer to undertake required proceedings under the provisions of the Income Tax Act for tax evasion . The police officer redirected the I-T department to the court, in whose custody the cash was lying. The I-T department approached the court, which permitted it to take action but ordered the cash to be fixed-deposited in Patel's name. The department filed a petition in the HC in 2024, submitting that the provisions of law do not permit it to keep such an amount as an fixed deposit (FD) in the name of the owner, who is under scrutiny for tax evasion. Tired of too many ads? go ad free now The I-T department cited an earlier order by a division bench allowing it to keep such unaccounted cash in a Personal Deposit account. After the hearing, Justice D A Joshi quashed the lower court's order and directed the police officer to hand over the cash to the I-T department. The HC further said, "It is clarified that prior to handing over the muddamal currency notes, if necessary, the investigating officer shall carry out the panchnama with the serial numbers of the currency notes, if not already done."
Yahoo
20-02-2025
- Yahoo
Over 200kg of illegal meat, cigarettes and alcohol seized from vans in North West London
Illegal meat, cigarettes and alcohol found in vehicles have been seized and destroyed following an investigation into five vehicles which were blocking pavements and driveways in North West London. Over 200kg of illegally imported meat was found in three vans and two trailers which were inspected on Parr Road, Stanmore, on the morning of Saturday, February 8. Around 400 packs of cigarettes and eight litres of alcohol were also found in the vehicles. Complaints had been made about the vehicles which were blocking pavements and driveways on Parr Road. An investigation, by police and Harrow Council, found that these vehicles were waiting to unload and pick up goods to be taken abroad. READ MORE: Drivers 'not going out at night' because of bright headlights issue READ MORE: Croydon acid attack leaves man in hospital The seized goods have now been destroyed. Those involved have been warned and officers will continue to monitor the activity. Cllr Pritesh Patel, Cabinet Member for Cleaner Streets and Public Protection said: 'We're continuing to crackdown on illegal imports that put public health at risk and make it unfair on businesses operating legally. "I'd like to thank officers and our partners for the work carried out in this operation. 'It's the job of our officers to ensure public safety and that food operators and traders are complying with the law. We will continue to work with our partners to keep Harrow safe and take the necessary actions on such activities.' Got a story? Please get in touch at Get the top stories from across London directly to your inbox. Sign up for MyLondon's The 12 HERE to get the biggest stories every day.
