to have a direct effect on traders who have allegedly lost out.

Following a series of defaults that rocked the industry since January 2016, involving amount to the tune of over $60mn by parties in Mumbai and Surat, the Surat Diamond Association (SDA) has urged diamond traders and manufacturers in Surat to implement 'know your customer (KYC)' norms before dealing in precious diamonds with anyone, reported the Times of India.

Venezuela concluded a week of meetings with representatives of the Kimberley Process on Friday in what has been hailed as the final steps towards the South American country’s recertification as an international producer of non-conflict diamonds, reports venezuelanalysis.com.

GEMKonnect takes a look at the intial fallout from the 42-day jewelers strike that provisionally ended last week. One short-term consequence is that,"Jewelers in the northern Indian state of Uttar Pradesh, who reopened their retail outlets after the 42-day jewelers strike was called off, are reporting that they are unable to meet customer demands as there is currently an acute shortage of artisans to fabricate jewelry. The jewelry artisans, many of them daily wage earners, have reportedly returned to their villages as they were unable to stay in cities without any income.

Cecilia Gardner, who has headed the Jewelers Vigilance Committee for the past 18 years, will step down as president and CEO at the beginning of 2017, though she will likely continue to serve in a different role, JCK reports. She also serves as the body's general counsel, but it is not clear if she will continue in that role.