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Time For Action On Diamond Finance — Consider A Global KYC

ABN Amro Bank recently sent a letter to several of its diamond clients stating that it would be limiting finance for rough purchases… "in view of the continued lack of profitability in the purchase of rough goods. We recommend you to show constraint and only consider purchasing rough when there is sufficient profitability. We want our clients to ...

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A few wrong-doers have brought the industry to this state. They have taken their creditors for a ride — whether from the trade or financial institutions. The WFDB and all associations or bodies of the world dealing in this industry should act against these wilful defaulters. Maybe by boycotting them for a few years at least, or refraining from doing business. If possible, their memberships should be terminated, so they automatically would not be in the mainstream of business. It is high time we act as per our articles of association and code of ethics. I see this as the only option to revive the credibility of our industry at large. — Sanjay Kothari

Rough Diamond Valuation Is Critical For The Industry

The issue of creating a mechanism for the valuation of diamonds produced by artisanal and other miners in Africa in order to provide them with fair value for their stones was one of the major debates that took place at during the KP Plenary meeting in Dubai last week — and rightly so. The KP Chair and his team have been working hard on this issue during 2016, inviting a wide range of industry experts to meetings on the subject.

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Global Diamond Industry Has Leadership Framework — We Must Help Ourselves

Last Tuesday, Russell Mehta, one of the leaders of the Indian and the world diamond industry, published an excellent blog ‘Collective Leadership: Crisis of The Hour For The Diamond Industry’, in which he singled out the lack of collective leadership in tackling the big issues as the biggest problem facing us all today.

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