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Diamond review system is tainted

A jeweler examines a brilliant cut 1.01 carat diamond.

TEXT OF STORY

The system to fight against so-called "blood diamonds" is under review today in Brussels. It's known as the Kimberley process, set up to prevent diamonds sales from being used to fund conflict. Stephen Beard reports.


Stephen Beard: The diamond industry is giving itself sparkling reviews. Five years after the launch, the Kimberley process covers most of the global trade in precious stones. This means the vast bulk of diamonds that reach the market are certified conflict-free -- they've not been used to finance any bloodshed.

But Third-World campaigners claim the diamond certification system is flawed. Gems handled by guerrilla groups in the Ivory Coast and elsewhere are still getting through and reaching shops.

Annie Dunniebacke of Global Witness:

Annie Dunniebacke: There are a number of countries that need to strengthen their controls. Not only countries in west Africa and in central Africa, but also major trading centers, such as the United Arab Emirates, India, places like that.

Her group is calling for Venezuela to be expelled from the Kimberley Process this week for not inviting international monitors in to examine its compliance.

In London, this is Stephen Beard for Marketplace.

About the author

Stephen Beard is the European bureau chief and provides daily coverage of Europe’s business and economic developments for the entire Marketplace portfolio.

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