In a bid to navigate the challenges left by the tumultuous Kimberley Process (KP) plenary in Zimbabwe, the United Arab Emirates (UAE) has assumed the chairmanship for the second time, promising a proactive “Year of Achievements,” IDEX Online reports.
Ahmed Bin Sulayem, Executive Chairman and CEO of Dubai Multi Commodities Center (DMCC), emphasized the heightened importance of the UAE’s role in the KP, saying: “Our work in the Kimberley Process holds greater significance than ever before. It affects millions of stakeholders, and it is our collective responsibility to contribute to the stability and prosperity of the economies that depend on us year after year.”
The recent KP plenary in Zimbabwe concluded on November 11 with a notable walkout by the KP Civil Society Coalition (KPCSC), an observer group primarily representing African diamond-producing countries. The walkout was triggered, in large part, by concerns over Russia’s alleged use of diamond revenue to support its military actions in Ukraine.
According to Rough & Polished, the negotiations faced an unprecedented setback as, for the first time in history, participants could not reach approval for the final communique.
Deputy Finance Minister of Russia, Alexey Moiseev, attributed the rift among meeting participants to the perceived over-politicization of the KP by what he described as “unfriendly” nations. The crux of the matter, as highlighted by Moiseev, stemmed from attempts in 2022 by the European Union, Canada, and the United States to label Russian diamonds as “bloody” in connection with the conflict in Ukraine.
In recent weeks, it has been widely reported that the G7 countries are seeking to sanction Russian diamonds. The proposed G7 sanctions include four traceability solutions, with the leading contenders being the World Diamond Council’s G7 Diamond Protocol – a predominantly self-regulated ban—and a blockchain-supported system advocated by Belgium.
