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Yesterday

Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

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11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

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01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

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ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

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18 march 2024

The Kimberley Process Split: for the first time, the participants did not approve the final communique

17 november 2023

Negotiations between diamond-producing countries, held under the Zimbabwean chairmanship of the Kimberley Process (KP), failed for the first time in history.

According to the Deputy Finance Minister of Russia Alexey Moiseev, the main reason for the split between the participants of the meeting was the over-politicization of the KP by "unfriendly" countries.

In 2022, the European Union, Canada and the United States tried to name Russian diamonds "bloody" due to war in Ukraine.

The Russian government, Moiseev stressed, has repeatedly warned Western countries about the inadmissibility of aggressive politicization of the KP, in particular, in terms of attacks on the domestic diamond mining industry through sanctions.

According to Moiseev, Western countries discredit the KP, which poses a direct threat to its main purpose. KP is the only universal mechanism for regulating the global diamond market and a tool for combating the black market of precious stones.

Commenting on the unprecedented event, Moiseev added that Russia will take all measures to mitigate the consequences of the actions of unfriendly countries against the KP. To this end, Moscow will continue to strengthen partnerships with other diamond-producing states, mainly with African countries.

So, in 2023, the parties publicly discussed options for cooperation in order to stabilize the diamond market and its sustainable development within the framework of the summit and the Russia-Africa economic and humanitarian forum, dprom.online reports.

Alex Shishlo for Rough&Polished