The Monaco Diamond Exchange announced that in September 2016, the exchange was incorporated in the Principality of Monaco as a non-profit association.
According to a press release, its mission is to advise and inform its members on diamonds and ensure that trade is achieved in respect of the Kimberley Process Certification Scheme.
In addition, the association and its council act as the central point of communication to ensure compliance with the regulatory and voluntary systems in order to prevent the trade of conflict diamonds and commerce with countries embargoed by the United Nations.? Furthermore, the association points at regulating the afflux of synthetic diamonds into the mainstream market.
