Industry News by Nemesis

KP Seeks Round Table Discussion on Rough Diamond Valuation and African Beneficiation with OECD

May 10, 2016

Ahmed Bin Sulayem, the Chair of the Kimberley Process in 2016, has invited the OECD to cooperate and assist in the area of rough diamond valuation with the focus on ensuring that African diamond producing countries receive a fair share of the value of the diamonds their countries produce, according to a letter from the KP Chair.

 

The OECD has communicated its interest to explore cooperation with the KP Chair and KP participants, and will brief Kimberley Process participants on a potential cooperation on the 23rd of May 2016, a day ahead of the official opening session of the KP Intersessional 2016 in Dubai in order to build a broad base of support among producing and consuming countries as well as other stakeholders, explains the letter.

 

“In a debate on fair trade and African beneficiation, the argument is often brought forward that African diamond producing countries are not receiving a fair share of the value of their diamonds. After all, 65% of the world’s diamond production comes from Africa. In a more globalized world where responsible business conduct is key, efforts should be made to find means to improve the conditions and benefits for the African nations. One idea to help beneficiation and to increase the fair share the African diamond-producing countries deserve to receive from their natural resources is to increase awareness and education on valuation and value,” explains Bin Sulayem.

 

“The Kimberley Process Chair 2016 would like to begin exploring this complex issue by gathering experts around the table and mapping the opportunities to achieve common approaches on rough diamond valuation by both exporting and importing countries, recognizing the complementary and crucial role for the private sector. As has been the case in the past and upon the OECD’s request, this KP session is informal and is open to all KP Participants and Observers and will take place. We would welcome participation of all members of the KP Family to this KP Chair Special Forum,” concludes Bin Sulayem.
 

Source: Rough&Polished

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