Venezuela Expects to Rejoin Kimberley Process

(IDEX Online News) – Venezuela is expected to shortly rejoin the global watchdog for the cessation of conflict diamonds, the Kimberley Process, as it seeks to resume diamond exports, according to a report on Reuers.com.

Venezuela was a tiny exporter of around 3,000 carats per month, until it stopped issuing certificates in 2005, and unilaterally withdrew itself as a KP participant in 2008. It’s withdrawal meant that it was prohibited from officially exporting diamonds, although some smuggling is thought to have continued in subsequent years.

Kimberley Process chair Ahmed Bin Sulayem visited Venezuela earlier in the year, one of his first visits after assuming the role. He made Venezuela’s readmission to the watchdog one of the cornerstones of his chairmanship.

The resumption of legal diamond exports could provide a boost for Venezuela’s embattled economy, currently contending with high inflation and severe product shortages, including some foods, in the wake of plunging oil prices.