… marks a significant milestone for diamond trade
The Kimberley Process (KP) inaugurated a new secretariat in Gaborone, Botswana on Wednesday this week, marking a significant milestone for the trade regime that has been without a permanent home since its establishment in 2003.
Established by the Southern African diamond-producing countries, KP aims at protecting the legitimate trade in rough diamonds which many of these countries are dependent on.
KP has over the last 23 years served as a tool for assisting humanity to utilise revenues from diamond sales to achieve the United Nations 2030 Agenda for Sustainable Development, rather than being a curse and a cause of conflict.
It was created under the United Nations General Assembly Resolution 55/56 in 2000 to combat conflict in diamonds trade and ensuring that these stones do not enter the legitimate diamond market. Currently, KP has 55 participants representing 85 countries, with the European Union collectively involved. Its tripartite structure involves governments, civil society groups, and the global diamond industry through the World Diamond Council.
Speaking during the inauguration, Minister of Minerals and Energy, Lefoko Moagi expressed Botswana’s commitment to host the KPS Office, recognising the profound impact of diamonds on its economy. He indicated that Botswana’s bid included providing a fully furnished office and covering 20% of operational costs for the first three years.
“Our interest is in preserving the integrity of the diamond industry,” Moagi stated noting that the establishment of the Office aims to enhance the efficiency of the Kimberley Process. He added that it also seeks to ensure that KP remains relevant in the evolving global diamond market highlighting that so far the KP’s Certification Scheme has achieved a remarkable 99% conflict-free diamond trade, setting rigorous standards for compliance and participation.
In light of ongoing global geopolitical challenges including the Russia-Ukraine conflict, Moagi noted that concerns regarding the diamond market’s stability have emerged. He emphasized the need for a speedy resolution to mitigate uncertainties affecting various industries, including diamonds.
“Botswana’s hosting of the KPS Office does not only underscores its leadership in the global diamond sector but also reinforces the nation’s commitment to ensuring that our diamonds are for development,” Moagi stressed.
He concluded that with continued support and collaboration, the KPS is expected to foster innovation and evolution within the diamond trade, paving the way for a prosperous future.
