Russia to continue buying diamonds through state fund in 2025
The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems.
The Kimberley Process may ban diamond exports from the Central African Republic, reports Reuters.
KP head Welile Nhlapo told the press during a World Diamond Council meeting in Israel Monday it would review a possible trade suspension of the country at a May 10 meeting.
The process was set up to regulate the trade in diamonds from conflict torn areas to ensure they do not enter the marketplace and fund ongoing strife.
Since a March coup by the Seleka rebels, controls have collapsed in the Central African Republic.
The rebels rule areas where mining is happening and the extracted diamonds are not KP compliant. Additionally, there are no guarantees the systems are in place for KP certification.
Nhlapo said, “There is sufficient evidence that diamonds have been used by the rebels, who have been extracting and trading them to acquire the necessary resources that they managed to get in order to overthrow the elected government that was in place.”
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