Producers vow to stem trade of ‘conflict diamonds’

The world’s diamond producers will meet with mines ministers from various countries to propose ways to combat the trade in “conflict diamonds,” or diamond sales that finance conflicts in Africa. The meeting will take place in Botswana in late November.

The announcement follows the latest round of talks, known as the Kimberley Process, in Luanda, Angola, in which delegates agreed to work toward an international certification process.

Delegates from 32 countries, the European Union, the World Diamond Council and several non-governmental organizations reached an agreement on the content of the certificate that accompanies shipments of rough diamonds.

They also agreed that any international certification process had to be consistent with international law governing trade.

The Kimberley Process aims to stem the trade in illicit diamonds that are being used to fund the military campaigns of rebels in gem-rich countries such as the Democratic Republic of Congo, Liberia and Sierra Leone. Sierra Leone is of particular concern because of the abusiveness of the rebel forces that control most of the country’s diamond production. Conflict diamonds account for 4% of the world’s production and trade in rough diamonds.

The African diamond industry is fearful that world diamond-trading centres could switch their purchasing patterns to exclude African countries in favour of Canada and Russia.

The U.S., the world’s biggest jewelry market, imports about 10%, or US$700 million, of the global rough diamond trade.