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UAE ‘Ready to Back Venezuela’s Return to Kimberley Process’

Feb 16, 2016 2:50 AM   By Rapaport News
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RAPAPORT... The United Arab Emirates (UAE) is prepared to support Venezuela’s attempt to return to the Kimberley Process (KP), The National reported, citing Ahmed bin Sulayem, the chairman of the Dubai Multi Commodities Centre (DMCC) and the new chairman of the KP.

Bin Sulayem’s comments follow a series of meetings in the South American nation, whose “arc of minerals” near the borders with Colombia, Brazil and Guyana have the potential to produce billions of carats of diamonds, according to the UAE daily.

“There is still some way to go but my meetings have convinced me that Venezuela is serious about rejoining the process,” the newspaper cited Bin Sulayem as saying. “I hope they will go further and play a leadership role in helping resolve other outstanding issues in the diamond business.”

Venezuela suspended itself from the Kimberley Process Certification Scheme in 2008 after diamantaires in the country were accused of trafficking in uncertified diamonds to evade domestic export taxes.

Bin Sulayem was told at meetings with the country’s Minister of Oil and Mining, Eulogio Del Pino, and Central Bank president Nelson Merentes, that Venezuela wished to return to the KP and resume diamond trading as soon as possible, the report said. KP members will hold a formal review visit to Venezuela in March that could lead to the country returning to the global diamond industry by the end of the year.
Tags: Ahmed Bin Sulayem, DMCC, Dubai Multi Commodities Centre, Fair Trade, Kimberley Process, KP, Rapaport News, uae, United Arab Emirates, Venezuela
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