Kimberley Process and OECD to Hold Rough Prices Meeting

The Kimberley Process and the Organisation for Economic Co-operation and Development (OECD) will gather companies, countries and non-profit groups on May 23 for a meeting on rough diamond valuation aimed at reaching a consensus on universal pricing.

Among the firms planning to take part are De Beers and ALROSA, along with representatives of nations including South Africa, Namibia and Botswana, according to a Rapaport report.

“If we can come to a set of best practice principles on valuation which could contribute to better living conditions of the many people that make living from diamonds around the globe, we [will have] accomplished something significant,” said Ahmed Bin Sulayem of the United Arab Emirates, chair of the KP this year.

An industry-wide commitment, including best-practice principles and allowing a “level playing field” for import and export centers, would be “the most significant transformational change the KP has experienced within the last 10 years.” The forum will coincide with the start of the Kimberley Process Intersessional Meeting in Dubai.