Diamond News Archives

(IDEX Online) - Edward Asscher, president of the World Diamond Council (WDC), said there was "strong support" for reforms at the Kimberley Process's intersessional meeting, despite its failure to address the redefinition of conflict diamonds.

"This year, throughout our engagements with many government participants here in Kasane (Botswana), there seems to be strong support for further reforms, including that of the 'conflict diamond' definition," he told the closing session of the annual five-day conference.

He said the WDC was asking for it be on the agenda when KP members gather again five months from now, in November.

Moves by Western nations to consider a broader definition of conflict diamonds - which could include state actors - were thwarted by Russia and others.

The KP Civil Society Coalition (KPCSC), the umbrella organization that oversees KP activities, says the KP of being "no longer fit for purpose". 

Edward Asscher addresses the closing session of the Kimberley Process's intersessional meeting in Kasane, Botswana, on June 24....

(IDEX Online) - US president Joe Biden yesterday announced plans by G7 - the world's seven richest nations - to impose sanctions on Russian gold.

Russia supplies around a tenth of the world's gold and has reserves valued at $140bn, according to estimates by the World Gold Council.

The G7 nations - Canada, France, Germany, Italy, Japan, the US and the UK - resolved to outlaw imports of newly mined or refined gold from Russia. The ban will not affect gold previously exported from Russia.

Biden said: "The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine."

"Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia."

The G7 leaders are meeting at Schloss Elmau, the luxury resort in Bavaria, Germany.
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