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Kimberley Process Study Aims to Standardize Rough Pricing
Mar 28, 2016 3:07 AM
By Rapaport News
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RAPAPORT... The United Arab Emirates-based chair of the Kimberley
Process (KP) is consulting with key industry players over potentially devising
the first set of global standards for pricing of rough diamonds.
Ahmed Bin
Sulayem, the 2016 chair of the KP and executive chairman of the Dubai
Multi-Commodities Centre,
is in discussions with miners and the World Diamond Council (WDC) as part of a
study aimed at determining best practice for valuing rough stones, with plans
in place to reach initial findings by the annual KP intersessional meeting in
Dubai in May.
“The KP
chair’s office can confirm it has indeed started a thinking process of how to
reach best-practice principles on valuation,” a spokesperson for Bin Sulayem
told Rapaport News.
“It is a long,
complex journey in which we hope to take some first concrete steps by
intersession,” the spokesperson added. “Outlining a best practice should
involve industry exports as well as government valuators. The KP chair is
currently reaching out to several players including the mining corporations and
the WDC.”
Meanwhile, The National
reported that Dubai’s role in the rough trade would be a subject of the study,
which comes amid questions over transparency in pricing of rough diamonds
globally.
“No country’s
diamond market is perfect, and every major diamond center has its own
challenges,” The National cited Bin Sulayem as saying. “I’m not going to
point fingers at anyone else, though. Through these studied and workshops we’ll
look at where the main issues are and how we can resolve them.”
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Tags:
Kimberley Process, pricing, Rapaport News, rough prices, rough valuation, uae, United Arab Emirates, valuation
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