Are there still Blood Diamonds?
Though it’s believed that conflict diamonds have been kept under the 1% mark for years now it’s seems doubtful that they can ever be reduced to 0%. Any system that spans multiple countries over many continents can never be full-proof. Fortunately the Kimberly Process is most effective in the countries that need our support the most. Botswana and South Africa are the most diligent in their controls and strictest in their interpretation. These countries have economies heavily reliant on diamond production. Their democracies could not survive without the economy provided by it.Personally I do what I can to support them as well as the cutters and suppliers that are as concerned as I am about conflict stones.
Indeed keeping the conflict diamonds at under 1% may prove more trying in the current market. The wealthy in China and India have both increased their wealth and raised their expectations. In China, which has a population of 1,320 million, 40% of engaged women want to have a diamond ring, and their numbers are growing every year.
Industry experts believe that demand for diamonds on the world market will grow by 5% a year for the next 10 years. They also predict that it will be impossible to raise output before 2015. Currently exploited deposits are heavily depleted, and it will take time to establish industrial production at new ones – especially as most of them are in former conflict zones.
A current proposal to head off potential loss of control in spite of the Kimberly Process is to control the trading and cutting of diamonds along with the distribution of rough. The recent shift of global diamond cutting from The European Union to India may make this more difficult though the current one year chairmanship of the Kimberly Process has moved to India which has promised to uphold all resolutions of the council.
What has confused many people is that diamonds are not cut where they are mined. Canadian stones are primarily cut in Russia and African stones in the European Union and India. Distribution points such as Antwerp deal in stones mined and cut all over the world.
Given the current situation where diamond prices are rising and supply is short. It falls mostly to us further down the chain to remain diligent and use suppliers we trust personally. If I buy in Antwerp I can buy stones directly from a cutter who knows where the diamond was mined. I prefer stones from Bostwana and South Africa. When I buy in the United States I buy from those who care as much as I do and ask the same questions.
