UAE KP Chair Hosts Rough Diamond Valuation Special Forum

(IDEX Online News) – The UAE Kimberley Process (KP) chair hosted a special forum on rough diamond valuation today in advance of the upcoming KP Intercessional meeting.

The meeting was attended by over 200 market participants, including industry leaders from across the diamond pipeline – large mining corporations, mining experts and senior advisors from KP Working Groups.

The forum covered topics on rough diamond valuation challenges as well as the Organization for Economic Cooperation and Development’s (OECD) work on enhancing the private sector contribution to responsible mineral supply chains and support to developing countries in raising revenues – panels that were moderated by Dubai Diamond Exchange chairman Peter Meeus. Speakers on the panels included, Tyler Gillard, legal advisor and project head, investment division OECD, former CEO of DTC Varda Shine, former CEO of ALRSOA Sergey Vybornov, GJEPC vice chairman Russell Mehta and Chaim Even-Zohar.

“Rough Diamond Valuation is a challenge that is not limited to one country, one diamond centre, or the Kimberley Process – it is a critical challenge for the entire diamond industry,” said KP chair Ahmed bin Sulayem.

“In particular, it is a top priority for the diamond exporting countries in Africa, which are looking to get the best value from their mineral resource wealth. As KP Chair, it is my goal that our work will lead to a concrete action plan towards a set of best valuation practices and ultimately a level playing field for all importers and exporters of rough diamonds.”

Meeus said that substantial progress had been made on the necessity of an inclusive approach with African producing countries and the alluvial mining sector, the challenges of valuation of smaller goods below $20/carat and the need to arrive at a level playing field of qualified government diamond valuators.

Two more workshops between the KP and OECD have been scheduled to take place during 2016.