Industry News by Nemesis

USKPA Void as Legal Concern for 12 Years – Source

February 1, 2017

The United States Kimberley Process Authority (USKPA) is said to have been operating as a non-legal entity when the Delaware Secretary of State voided the organisation about 12 years ago without anyone noticing, a source has said citing a report prepared by diamond analyst and journalist Chaim Even-Zohar. 

USKPA was formed for the purpose of administering and controlling the usage of U.S. Kimberley Process certificates for the export of rough diamonds from the U.S. 

The source, who preferred anonymity, said USKPA was said to be in the process of rectifying the anomaly.   

Only business entities licensed by the USKPA were authorised to use U.S. Kimberley Process certificates for the purpose of exporting rough diamonds from the U.S. 

There are currently 19 licensees, including some common carriers such as Brinks Global, Malca Amit, and G4S International. 

The organization noted on its website that exports of rough diamonds from the US were regulated by the Clean Diamond Trade Act, a bill passed by Congress and signed by President George W. Bush in 2003. 

This legislation created a system for the trade of rough diamonds consistent with the standards set by the Kimberley Process. 

KP seeks to restrict the trade of rough diamonds known as "conflict diamonds" used by rebel movements or their allies to finance conflict aimed at undermining legitimate governments. 

Source: Rough-polished

Please reload

Follow Us...
Recent Posts
Please reload

Please reload

Search By Tags