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Mehul Shah pledges to bring new approach to leading WFDB

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Charlotte Rose on making history, modernising the London Diamond Bourse, and why finance is the industry’s silent crisis

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Yoram Dvash: Industry unity, producer leadership and marketing investment key to natural diamond's future

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Russian Finance Ministry: Attempts to question Russia's full compliance with the Kimberley Process Certification Scheme are unfounded and speculative

18 august 2022
The Ministry of Finance of the Russian Federation commenting on an article published in the New York Times, which says that the United States and other countries are taking action that could officially label Russian diamonds as “conflict diamonds,” said that Russia has always been and remains an exclusively responsible participant in the Kimberley Process and attempts to question Russia's full compliance with the Kimberley Process Certification Scheme (KPCS) are unfounded and speculative.
“Furthermore, the Russian Federation condemns the attempts of the Civil Society Coalition supported by an absolute minority of some Western participants to politicize the work of the Kimberley Process substituting and distorting the basic principles. We consider it absolutely unacceptable to dilute the profile of the KP,” the commentary said.
According to the ministry, any attempt to classify Russian diamonds as non-compliant with the Kimberley Process shows a low level of awareness.
The Russian ministry's statement also emphasizes that tax payments and dividends from diamond mining operations in Russia are the backbone of community development in Yakutia, where 90% of diamonds are mined and where about 1 million people, including indigenous communities, live in very harsh climatic conditions.
“Yakutia receives almost all budgetary and other tax payments that have been providing targeted investments in local communities for over 50 years. Dividends are the most important and for some local communities the only source of funding for the repair of roads and utilities, schools, kindergartens, hospitals and other institutions,” the commentary added.
“Russia intends to continue discussing the definition of “conflict diamonds”. We believe that the success of this work is possible only on a depoliticized basis, in full compliance with the rules of the Kimberley Process. We expect our opponents to refrain from further speculative accusations and focus on the substantive work of the Kimberley Process, showing respect for other participants and global diamond mining industry as a whole. We call on all participants and observers of the Kimberley Process to strictly follow the Rules and Procedures of the Kimberley Process and the agenda agreed upon by consensus,” the Russian Ministry of Finance said in conclusion.

Vladimir Malakhov, Rough&Polished