Star Diamond acquires Buffalo Hills project in Alberta
Located approximately 400 kilometres northwest of Edmonton, the Buffalo Hills project includes 21 mineral leases covering 4,800 hectares.
Dubai, UAE: The Kimberley Process Chair today announced a one-day ‘Special Forum’ on rough diamond valuation, in collaboration with the OECD, to be hosted on 23 May, to coincide with the start of the Kimberley Process Intersessional.
The Special Forum will be used as the platform to drive discussion and contribution towards a better understanding of rough diamond valuation. The initiative is aimed at reinforcing and strengthening the debate and agreeing on a consensus for universal conformity. The forum will bring together global industry players – from institutions, sovereigns and civil society to experts and miners.
“We are delighted to announce that the OECD will collaborate on rough diamond valuation in the context of the Kimberley Process. The OECD is an institution with un-paralleled global experience related to valuation common approaches and corporate supply chain due diligence. 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 accomplished something signifcant. On-going OECD work on natural resource taxation and the valuation of mineral products to help producing countries get the most from their natural resources is critical in achieving this”, said Ahmed Bin Sulayem.
Valuation has become an ever more important tool in the context of African-producing countries. Enhanced conformity will allow these countries to get more value from their mineral resources. A commitment by all industry players that incorporates a set of best practice principles and allows a level playing field for all import and exporting diamond centres will be the most significant transformational change the KP has experienced within the last ten years. Studies and initiatives over the last few years illustrate that such an achievement is possible.
The inclusion at the Special Forum of large mining corporations such as DeBeers and AlRosa, alongside leading mining experts such as Des Kilalea (RBC Capital Markets); Varda Shine, (former CEO of DTC-DeBeers); Sergey Vybornov (former CEO of AlRosa); Levy Rapoo (CEO, South African Diamonds and Precious Metals Regulator); Kennedy Hamutenya (Diamond Commissioner, Windhoek, Namibia) and Jacob Thamage (Coordinator, Diamond Hub, Ministry of Minerals, Energy and Water Resources, Gaborone, Botswana); and senior advisors from KP Working Groups such as Mark van Bockstael, play an important role in facilitating the most broad discussion ever happened on diamond valuation.
In a written statement to the KP Chair, Ángel Gurría, Secretary-General of the Organisation for Economic Co-operation and Development (OECD) wrote: “The OECD stands ready to strengthen our contribution to global efforts on responsible supply chains of diamonds within the context of the Kimberley Process.”
“We believe that industry-led due diligence practices and responsible business conduct can and should complement government-led efforts to regulate the industry in line with international commitments, like the Kimberley Process Certification Scheme.”
“The OECD would like to underline the important complementary and reinforcing role that private sector due diligence can play in responsible diamond supply chains, when it is aligned with international standards such as the OECD Due Diligence Guidance.”
While the KP Chair Special Forum on May 23 intends to be a first ground-breaking step of consultation between OECD and KP Participants to find common ground on the organisation; two more workshops are planned for later in the year. These will be on the subject matter of: valuation of rough diamonds and the possible development of sets of best practice principles for rough importing and exporting centres. This will be done in close collaboration between government and industry actors.
About the Kimberley Process Certification Scheme
The Kimberley Process Certification Scheme is a collaborative initiative between governments, industry and civil society to stem the flow of conflict diamonds into the diamond trade. Started in 2000, the creation of the Kimberley Process Certification Scheme (KPCS) in November 2002 laid the foundation for the KPCS by setting out the requirements for controlling rough diamond production and trade. It entered into force in 2003, when participating countries started to implement the rules. There are now 54 participants representing 81 countries including the UAE.
In 2003, the UAE adapted its Federal Law “Union Law no.13 Regarding Supervision of Import/Export and Transit of Rough Diamonds” and became the first Arab country to implement the Kimberley Process Certification Scheme. The Kimberley Process office in DMCC is the entity authorised by the UAE Ministry of Economy to authenticate the ethical sourcing of rough diamonds traded in the country.
