Dubai: The European Union (EU) has expressed deep disappointment over the failure of the Kimberley Process (KP) to address the implications of Russia’s war in Ukraine on the global diamond trade, marking the third consecutive year of inaction.
The EU, in a statement released on 18th November, criticised the KP’s inability to confront the issue, which has significantly eroded the process’s credibility and tarnished the reputation of natural diamonds.
In response to Russia’s continued obstruction, the EU, in coordination with the G7, has imposed a ban on Russian diamonds to curtail Moscow’s ability to finance its war effort. The EU has also proposed a robust traceability and certification mechanism to assure consumers that they are not purchasing diamonds linked to Russia’s aggression.
The EU strongly condemned the “unfounded allegations made by the KP Chair” against the EU’s diamond ban. The EU asserted that such remarks undermine “the neutral and facilitating role expected of the Chair” and contradict the long-standing spirit of the KP.
The EU said it remains committed to the KP and will continue to work towards its meaningful reform. The KP must effectively address conflict prevention, good governance, transparency in natural resource management, and the link between rough diamonds and conflict, it noted.
