KP Chair 2016 Warning: Oversupply, Low Commodity Prices, Tightening Liquidity

Finance and Trade
03/02/2016 17:48

Kimberley Process Chair Ahmed Bin Sulayem has warned of the ongoing difficulties facing the global diamond industry and expressed the UAE's commitment to act responsibly to overcome challenges. “2016 will be a challenging year for our industry with continuing oversupply, low commodity prices and tightening liquidity," said Bin Sulayem. "The social impact of these combining factors is likely to be severe and felt across large parts of the world's diamond producing regions.”

He also commented that the KP Chair is committed to further engaging with Venezuela to provide technical assistance and proactively support the scheduled Review Mission in 2016. “We are confident this will lead to the readmission of Venezuela as a full member of the KPCS,” he said. Meanwhile, on the issue of the resumption of rough diamonds exports from the Central African Republic, he said: “We trust that the initiatives taken by the Central African Republic Monitoring Team under the approved operational framework will lead to the successful resumption of exports.”