KP Chair and OECD to Host Special Forum on Rough Diamond ValuationMay 08, 16
(IDEX Online News) – The Kimberley Process (KP) chair recently announced a one-day “Special Forum” on rough diamond valuation and conformity, to be held in collaboration with the Organization for Economic Cooperation and Development (OECD).
The forum has been called to clarify the process of rough diamond valuation. The initiative aims to reinforce and strengthen the debate, while agreeing on a consensus for universal conformity. Industry players from across the diamond pipeline – institutions, civil society, experts and miners – are likely to attend.
The KP said that with respect to African-producing countries, valuation has become an increasingly important tool. It is hoped that by introducing enhanced conformity, it will enable these countries to get more value from their mineral resources. It hopes that industry players will commit to a set of best practice principles to help level the playing field for import and export diamond centers.
The Special Forum will comprise large mining corporations such as De Beers and ALROSA alongside leading mining experts such as Des Kilalea (RBC Capital Markets); Varda Shine (former CEO of DTC-De Beers); Sergey Vybornov (former CEO of ALROSA); Levy Rapoo (CEO, South African Diamonds and Precious Metals Regulator); Kennedy Hamutenya (Diamond Commissioner, Windhoek, Namibia) and Jacob Thamage (Coordinator, Diamond Hub, Ministry of Minerals, Energy and Water Resources, Gaborone, Botswana); and senior advisors from KP Working Groups such as Mark van Bockstael.
“If we can come to a set of best practice principles on valuation which could contribute to better living conditions of the many people that make living from diamonds around the globe, we accomplished something significant,” said KP chairman Ahmed Bin Sulayem.
“We believe that industry-led due diligence practices and responsible business conduct can and should complement government-led efforts to regulate the industry in line with international commitments, like the Kimberley Process Certification Scheme,” said OECD secretary-general Ấngel Gurria.
“The OECD would like to underline the important complementary and reinforcing role that private sector due diligence can play in responsible diamond supply chains, when it is aligned with international standards such as the OECD Due Diligence Guidance,” Gurria added.
The Special Forum is due to take place the Kimberley Process Intercessional on May 23, and will likely be followed by two further workshops later in the year on the valuation of rough diamonds and the possible development of sets of best practice principles for rough importing and export centers.