The Republic of Angola's Ministry of Mineral Resources and Petroleum has announced a public tender for independent rough diamond valuators with the capacity to handle Angola's entire national diamond output, which last year reached 9 million carats and $1.3 billion. The search for a truly independent valuator gives teeth to the country's efforts to ensure a fair market price for their diamonds and to generally bring greater transparency and accountability to the country's new diamond marketing policy, a priority of President Lourenço.
H.E. Félix Tshisekedi, President of the Democratic Republic of the Congo (DRC), today paid a visit to the Antwerp diamond industry in the context of a broader mission to improve the relationship between Belgium and the DRC, which has been on the rocks in recent years. As President of the fourth largest diamond-producing country by volume, President Tshisekedi was welcomed by the Antwerp World Diamond Centre (AWDC), representative of the world’s largest diamond trade center.
This week, a group of nine government officials from four African diamond-producing countries (Cameroon, Congo Braza, Cote D'Ivoire, Guinea) embarked on a ten-day training course in Antwerp, furthering their knowledge of rough-diamond evaluation and valuation. The course, called the "KP Technical Assistance Valuation Program", originates from the commitment of the Diamond Development Initiative (DDI), which coordinates requests for Technical Assistance on behalf of the Administrative Support Mechanism (ASM) in the framework of the KP.
The Zimbabwe Consolidated Diamond Company (ZCDC) has disputed reports from a month ago that it is exporting diamonds to Botswana, now saying rather it is merely learning lessons from the neighbouring country's mining and processing sectors. ZCDC CEO Morris Mpofu said the government had facilitated engagement with entities in Botswana involved in the diamond industry, but the aim is to draw from Botswana's experience rather than having them process Zimbabwe's diamonds.
The African Diamond Conference (ADC), a joint initiative of Belgium's Federal Public Service (FPS) Foreign Affairs and the Antwerp World Diamond Centre (AWDC), took place yesterday at the Egmont Palace in Brussels. With nearly 400 in attendance, the ADC featured a broad range of speakers from across the entire diamond pipeline - from mine to finger - as well as diamond industry stakeholders.
Government authorities in Tanzania have seized a shipment of diamonds belonging to London-based Petra Diamonds, saying the miner under-declared the value of its mineral exports. On August 31, customs seized a parcel containing 71,654 carats rough gems at the Dar Es Salam airport as they were being exported to Antwerp by Williamson Diamonds, in which Petra holds a 75% stake and the Tanzanian State 25%.
For the last two weeks, representatives of four African diamond-producing countries (Ivory Coast, Sierra Leone, Guinea and Liberia) have been participating in the "KP Technical Assistance Valuation Program" put together by the Diamond Development Initiative (DDI) and Antwerp World Diamond Centre (AWDC). We spoke with organizers and participants about the rough diamond valuation course itself and what it means for the participants and their respective governments.
On Monday June 12, the Antwerp World Diamond Centre (AWDC) welcomed eight participants for a two-week course in rough diamond valuation: the "KP Technical Assistance Valuation Program". The course originates from the commitment of the Diamond Development Initiative (DDI), which coordinates requests for Technical Assistance on behalf of the Administrative Support Mechanism (ASM) in the framework of the KP. The participants work for KP authorities in four countries: Ivory Coast, Sierra Leone, Guinea and Liberia.
Canadian jeweler and diamond industry analyst Mel Moss explores a core dilemma concerning the value proposition of diamonds. It is a dlemma the diamond industry has yet to resolve, leading to confusion and false expectations among consumers: how can a diamond be presented both as a luxury product and a price-based commodity? "Some in the diamond industry are pushing hard to promote generic diamonds as a commodity that can be traded transparently in futures markets, commodity exchanges and as a wealth preservation asset", writes Moss.
Diamond industry analyst Edahn Golan breaks down the rough diamond valuation system that was one of the key topics this year in Kimberley Process (KP) discussions. The heart of the issue is whether a method can be hashed out so that rough diamond producers receive a "reasonable" (read 'fair') price for their rough diamond parcels on the international market. The solution suggested is that rough diamonds would be valuated by converting the transaction prices retailers and jewelry makers pay for polished diamonds into rough prices, minus the manufacturers' costs and margins.
As announced in a press release, the UAE Kimberley Process Chair (KP Chair), Ahmed Bin Sulayem will host a one-day ‘KP Chair Special Forum’ on rough diamond valuation on 13 November, coinciding with the KP Plenary Session between 13 and 17 November 2016. The event will discuss key issues facing the industry with participants from 81 countries, as well as industry players from across the supply chain. This is third forum of its kind hosted by the UAE KP Chair.
Earlier this week, Kimberley Process (KP) chair Ahmed Bin Sulayem issued a press release extending an, "Invitation to Civil Society to Attend [KP] Plenary", [civil society = NGOs] and also shared with the CSC a document providing an in-depth response addressing previous issues and concerns raised by the CSC at the beginning of the UAE KP Chairmanship ("Proposal for a Remediation Between the 2016 KP Chair and the Members of the Civil Society Coalition").
Last Friday, September 30, the second of three rough diamond valuation forums initiated by the current Kimberley Process (KP) Chair, Ahmed Bin Sulayem, was held in Antwerp.
"All eyes in the Indian diamond industry are set on the forthcoming meeting between the Kimberley Process Certification Scheme (KPCS) and Antwerp World Diamond Centre (AWDC) on rough diamond valuation in Antwerp on September 21", writes The Times of India. The aim of such forums is to develop a set of global standards for pricing rough diamonds, which KP chairman Ahmed Bin Sulayem believes would help artisanal miners figure out the value of their rough production and negotiate prices. "We want to make sure the whole industry benefits from this," Sulayem said.