I’m a huge fan of the Kimberley Process and what it has done to curb the flow of black market diamonds. The system might not be perfect, there will always be room for improvement, but I feel that the world is a better place with such safeguards in place. But upon reading this article about the KP Forum Addresses Challenges of Standardization and Fairness in Rough Diamond Valuation, I found myself pondering the impact of government upon the effectiveness of the KP as a whole.
This international forum focused upon the valuation-processes of rough diamonds. There were about 70 participants including key members of the diamond industry, governments and from NGO’s. We are proud that Lieve Peeters of Crafted By Infinity was one of the few invited to participate and speak at this forum. We are even more proud because Lieve was one of the very few women participating.
A key point of the latest Kimberley Forum highlighted “the need to study potential standardized methodologies to assist government diamond valuation.” And it is mentioned that “Despite their extraordinary natural resources, many diamond mining regions remain among the poorest in their respective countries and regrettably, attempts to regulate the diamond industry have been ineffective at raising living standards.”
It goes without saying that I’m all for raising the living standards of the diamond miners. It was pointed out that Artisanal diamond miners often don’t realize the value of the diamonds that they locate and some people take advantage of this fact. It has been suggested that a standardized method of valuation for diamond rough should be established. Most likely this would need to occur at the government level, with a standardized system for grading. This will indeed present a challenge, since it many factors of rough valuation are subjective.
Read the Full Article in The Diamond Loupe