A critical conference pertaining to the diamond industry is set to take place in India. The country will host the plenary meeting of the Kimberley Process Certification Scheme (KPCS) from 18th to 22nd November 2019 in New Delhi.
The Significance of KPCS for India
India has been a significant player in shaping the Kimberley Process (KP) since its inception. Recognized as a pivotal protocol in the international diamond trade, KP assures that a whopping 99.8% of world diamonds are free from conflict. Conflict diamonds, otherwise known as blood diamonds, refer to rough diamonds utilized by rebel movements or their allies for financing conflicts designed to undermine legitimate governments.
Currently, the Indian diamond export market stands strong at approximately $24 billion worth of cut and polished diamonds. Expectations rise as the export target for coming years is predicted to soar to a staggering $1 trillion. The KPCS’s significance to Indian economy is magnified considering that over one million individuals are directly employed within the diamond industry. This industry proves crucial in guaranteeing the livelihoods of a significant number of Indian citizens.
Understanding the Kimberley Process Certification Scheme
The KPCS was activated from 1st January 2003 and quickly established itself as an effective mechanism to combat the trafficking of conflict diamonds. India is among the founder member countries of the KPCS and has previously chaired the KPCS in 2008.
The Kimberley Process is essentially a tripartite initiative engaging the government, international diamond industry, and civil society in curbing the spread of conflict diamonds. The importance of this initiative is recognized in several United Nations Security Council (UNSC) resolutions.
At present, the KPCS boasts 55 members representing 82 nations, inclusive of the European Union’s 28 members. The chairing of the KPCS is rotated among the participating nations. Since 2003, India has been an active participant in the KPCS process and holds memberships in nearly all KP Working Groups, except the Working Group on Artisanal and Alluvial Production (WGAAP).
Key Facts
| Fact | Details |
|---|---|
| Launch of KPCS | 1st January 2003 |
| Indian Diamond Export Market | $24 billion |
| Predicted Export Target | $1 trillion |
| Indian Diamond Industry Employment | Over one million individuals |
Role of Department of Commerce and GJEPC in KPCS
The nodal department for KPCS in India is the Department of Commerce. The Gem & Jewellery Export Promotion Council (GJEPC) is designated as the KPCS Importing and Exporting Authority in the country. GJEPC issues KP certificates and stands as the custodian of received KP certificates in the nation.
Throughout this information, it is clear that the role of India in the KPCS and its impact on the diamond trade industry is immense. This responsibility isn’t limited to the Indian market but extends to the global supply chain of diamonds, reinforcing the urgency and relevance of the upcoming plenary meeting of the Kimberley Process Certification Scheme.
