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.
World Diamond Council (WDC) members representing every sector of the diamond trade, from producer to retail, will join together on Nov. 13 – 17 to promote dialogue in the Kimberley Process (KP), and discuss mechanisms for greater industry inclusion at the 2016 Kimberley Process Plenary Meeting in Dubai.
“The WDC reaffirms its commitment to assist all parties in their efforts to have a productive dialogue at this year’s Plenary and we are dedicated to supporting the KP’s tripartite structure put in place more than a decade ago,” stated Andrey Polyakov, president of the WDC and vice president of ALROSA. “The diamond industry deeply values the input of governments and civil society in the development of the Kimberley Process Certification Scheme (KPCS), and its continued success and credibility is dependent on the full engagement of all stakeholders.”
The WDC is holding an Observers Forum alongside the Plenary where WDC members, industry, government and civil society partners can meet to discuss their common goals and joint efforts to promote further evolution of the KPCS and improve its efficiency. The forum will highlight the responsible sourcing activities the industry has undertaken to successfully eradicate 99% of the world’s conflict diamonds and explore ways to further industry self-regulation.
“Since the KPCS was established in 2003, the WDC has been a champion in promoting best practices and transparency for the industry,” Polyakov continued. “While significant progress has been made in securing a conflict-free supply chain, we must remain vigilant by strengthening our efforts to end diamond smuggling and encourage new and returning countries to join the KPCS.”
The opening and closing session of the Plenary Meeting will include a speech by WDC President Andrey Polyakov and is expected to conclude with the selection of a KP Vice Chair for 2017.
