Global Diamond Trade | Mines to Market

The UN-mandated Kimberley Process (“KP”) Intersessional and historic special plenary concluded in Dubai, UAE, on Friday with progress made in key areas that will have bearings on global trade in natural diamonds. Hosted in Uptown Tower, Uptown Dubai, the headquarters of DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – the KP intersessional and special plenary gathered hundreds of diamond industry representatives, civil society and world governments. The UAE is currently chairing the UN-mandated KP for a historic second time in 2024 under DMCC’s CEO and Executive Chairman Ahmed Bin Sulayem. Administrative decisions were passed and adopted, and best practices acknowledged. Key progress was made in regards to Central African Republic’s reinstatement to the Kimberley Process. Since 2013, the country has been subject to a temporary ban on the import and export of rough diamonds due to unrest. Following the Special Plenary, a date for a review mission has been confirmed for September 2024. The KP Chair, Ahmed Bin Sulayem, has actively called for a review mission to take place in light of an improving security situation. A sideline event provided additional focus on provenance, traceability and technology to explore innovative technologies and traceability solutions available to address future challenges in the global diamond trade landscape. The UAE’s Kimberley Process Chair, Ahmed Bin Sulayem said: “We are delighted with the collaborative spirit and desire to drive change in the Kimberley Process. Under our ‘Year of Delivery’, the UAE has pushed a bold agenda to overcome political gridlocks and drive concrete actions, including the establishment of a permanent secretariat in Botswana and the completion of the KP review and reform cycle, among other things.” Jaff Bamenjo, representing the Civil Society Coalition, said: “We are encouraged by the incremental, but fragile progress made regarding the Central African Republic, which has been under KP restrictive measures since 2013. The renewed engagement of the CAR government with the CAR Monitoring Team, signifies a positive move towards cooperation.” Feriel Zerouki, President of the World Diamond Council, said: “For the majority, natural diamonds are a source of development. They have and continue to provide free education, healthcare in nations like Botswana and support the livelihoods for 10 million people around the world.” She added: “We are also pleased that the discussions on the Central African Republic maintained a similar positive tone, including advancing plans for the Review Mission in CAR in the near future.”

Tag: Global Diamond Trade

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