Diamond Exchange Current Affairs - 2019

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India to host the Kimberely Process Certification Scheme

The Plenary meeting of Kimberley Process Certification Scheme (KPCS) is to be hosted by India between November 18, 2019 and November 22, 2019. The event is hosted by Ministry of Commerce and Industry. The meeting is held annually to make sure that the trade of diamonds is conflict free.

Highlights of the meeting

During the meeting three special forums are to be held. It includes adapting to changes in diamond industry, financial inclusion and women empowerment in the diamond industry and origin and identification of diamonds. Also, several meetings of the working groups and committees of Kimbereley Process Certification Scheme.

Why is KPCS important for India?

  • Currently India is exporting 24 billion USD. In the coming years it is expected that the target will reach 1 trillion USD.
  • There are more than 1 million people employed in diamond industry in India.

About KPCS

  • India is one of the founding members of the KPCS
  • The Scheme outlines the rules that govern the trade of diamonds. The purpose of the scheme is to prevent the flow of conflict diamonds. It is not an organization. There are no offices or headquarters for KPCS. It cannot frame agreements. It simply relies on contributions of the participants, industries, governments, civil society observers
  • The KPCS has been agreed by the United Nations and the World Diamond Council.

Working of KPCS

The scheme works on certain terms and conditions. The participating countries should implement national legislation, export and import controls and should exchange statistical data. The countries should also be transparent to the scheme meetings.

What are conflict diamonds?

Conflict diamonds are rough diamonds that are used by the rebel movements to finance wars, especially in the third world countries

World’s first diamond exchange at Singapore to go online from September

Singapore Diamond Investment Exchange’ (SDiX) the first ever diamond exchange is all set to function from September 2015.

Till now diamonds were traded on mutual basis where the retailers or jewellers used to buy diamonds from the polishers and consumers were supposed to buy it from the retailer.

Now under the SDiX customers can physically trade in diamond under one roof.

About Singapore Diamond Investment Exchange Pte Ltd (SDiX)

  • The concept of SDiX is brainchild of an entrepreneur and investor Alain Vandenborre.
  • This will be the first-of-its-kind business-to-consumer (B2C) platform for electronic diamond exchange where customers can also avail diamonds physically.
  • It has capacity to handle five lakh transactions per second.
  • It will facilitate customers to trade or invest in diamonds with transparent pricing at wholesale rate.
  • For payment settlement United Overseas Bank is selected.
  • India’s twenty five large diamond companies are its ‘pioneer members’.
  • SDiX is also planning to launch ‘forward trading’ and ‘futures trading’ in diamonds.