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NEWS BRIEFS
GIA HPTP Crackdown Explained at WFDBThe 2011 presidents’ meeting of the World Federation of Diamond Bourses (WFDB) in Dubai covered a range of industry issues, including the market for rough and polished diamonds, the role of corporate social responsibility, the current state of mining and production in Africa and the Gemological Institute of America’s (GIA) decision regarding high pressure-high temperature (hpht)-treated stones.Donna Baker, president of the GIA, explained its recent decision to cancel the accounts of clients who repeatedly submitted hpht-treated stones to their lab without prior disclosure. She added that the GIA would provide the names of those clients to the WFDB and the International Diamond Manufacturer’s Association (IDMA). In its press release, the WFDB resolved to take all possible sanctions against members and noted that the legal counsels of both the WFDB and GIA would work together to resolve the issue.WFDB president Avi Paz cited the federation’s role in strengthening consumer confidence. Speaking of the “many challenges regarding the Kimberley Process (KP),” Paz noted that the “process is strong and can be enforced.”However in an unannounced speech, Vasant Mehta, immediate past president of the Gems & Jewellery Export Promotion Council (GJEPC) and a vice president of the IDMA, criticized the KP and urged attendees to “hear the voice of sanity and resolve the issue” in a manner acceptable to “everybody and of course to Zimbabwe.” The meeting featured the WFDB Africa Summit that was attended by leading African ministers, including Obert Mpofu, Minister of Mines in Zimbabwe.The meeting began with a minute of silence in honor of Freddy Hager, WFDB’s deputy treasurer general and the president of the London Diamond Bourse.China’s Gold Demand JumpsChina experienced a 21 percent year on year rise in gold demand to 571.5 metric tons in 2010, according to statistics released by the China Gold Association. Demand for gold jewelry increased better than 5 percent to 357.1 metric tons and demand for gold coins jumped 55 percent to 16.6 metric tons. The country also maintained its position as the world’s largest gold producer for the fourth consecutive year with gold output increasing by 26.9 metric tons or nearly 9 percent to 340.9 metric tons. In 2010, the gold industry realized $3.9 billion (CNY 24.87 billion) in profits, or an increase of 78 percent.The World Gold Council (WGC) expects that China’s annual gold consumption has the potential to double in the next ten years.EU Seeks To Annul KP Decision; Mugabe ProtestsThe European Union (EU) called for an urgent meeting to reverse the unilateral decision made by Kimberley Process (KP) chairman Mathieu Yamba authorizing exports from the Marange. According to World News Connection, Lord Howell, Britain’s Minister of State in the Foreign and Commonwealth Office, called Yamba’s authorization “invalid” since it was “outside the mandate of the chairperson.”President Robert Mugabe reacted strongly, protesting, “Zimbabwe is a sovereign state with the right to determine its own destiny,” as reported in The Herald. Mugabe warned Zimbabweans to be “vigilant in the face of continued aggression by Western powers.”Obert Mpofu, the Minister of Mines, also indicated that Zimbabwe would resist attempts to appoint British national Simon Gilberts as the new KP monitor for the Marange since he considers Abbey Chikane, who has not formally resigned, to be the KP monitor. World News Connection further reported that Zimbabwean concern about Gilberts stems from the fact that as a former employee of De Beers, he might be pressured by Britain.All Africa reported that Mpofu met with a delegation from the African Diamond Producers Association (ADPA) in preparation for an ADPA Heads of State Summit to deal with the Zimbabwean issue before moving the matter to the African Union Heads of State.According to news accounts, the Minerals Marketing Corporation of Zimbabwe (MMCZ) is selling rough diamonds from the Chiadzwa region to local companies for cutting, polishing and export. MMCZ is sanctioned by the U.S. government. Anjin, a Chinese state company, is awaiting KP certification to export as much as 1.5 million carats of Marange rough, according to industry sources.Following Voice of America’s (VoA) report of the arrest of two Indian nationals for smuggling $2 million worth of Marange diamonds, the Center for Research and Development (CDR) called upon Mpofu to publicly apologize and resign his post.— Additional reporting by Acquire Media.Article from the Rapaport Magazine - May 2011. To subscribe click here.
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