India exports around USD 24 billion cut and polished diamonds

Speed Post News Network

New Delhi : The Plenary meeting of the Kimberley Process Certification Scheme (KPCS) is being hosted by India, the present Kimberley Process (KP) Chair, from November 18 to November 22, 2019, in New Delhi. The Plenary meeting was inaugurated by Commerce Secretary Dr  Anup Wadhawan.

Speaking on this occasion, the Commerce Secretary said that India, as a founding member of KP, has been actively involved in the development of KP as an important protocol in trade of diamonds which has ensured that 99.8% of the diamonds in the world are conflict free. He further added that we need to keep KP efficient and effective as a process to maintain this conflict diamond free status.

He informed the gathering that India is committed to make this process stronger in terms of further strengthened administration and implementation, efficient in terms of delivery of what it promises, more transparent and empathetic towards the living standards of people who are dependent on the production, trade and manufacture of diamonds, according to a PIB release.

Wadhawan stated that India has given leadership to address the issue of differentiation between Natural Diamonds and Lab Grown Diamonds and will take further initiatives to have better differentiation and ensure responsible business on this front. He also said that India always advocates consensus based decision making process as it ensures that even the weakest voice is heard.

At present, India exports around USD 24 billion cut and polished diamonds. It is expected that India will reach an export target of USD 1 trillion in coming years and the gem and jewellery sector particularly cut and polished diamonds will contribute significantly to achieve this target.

The importance of KPCS is immense to India as more than one million people are directly employed by the diamond industry. The industry also plays pivotal role in sustaining livelihoods of these people.

During the inaugural session meetings of different working groups and committees of Kimberley Process Certification Scheme (KPCS) were held.