MOSCOW, November 1 Restrictions against the Russian Federation as the world's largest supplier of diamonds will distort the market, which will hit the most vulnerable segments of the population, according to materials published on the website of the Russian Ministry of Finance .
“The introduction of restrictive measures against the world's largest supplier (diamonds – ed.) will inevitably lead to large-scale market distortions, which will hit the most vulnerable segments of the population the hardest,” says a letter from the Russian side to the participants of the Kimberley Process on the eve of the upcoming plenary organization meetings.
It adds that for many countries and local communities, what has been achieved through the Kimberley Process “will be undone” – unprecedented aggressive intervention in the global market implies the spread of harsh market practices with unpredictable consequences.
“Western countries are playing with a Pandora's box – it comes easy to them because the prosperity and well-being of others is at stake. This position was also clearly articulated by our fellow African diamond producers in a joint statement issued by members of the African Diamond Producers Association (ADPA), which calls on all KP participants to maintain the integrity of the KSC as the only universal certification scheme,” the Ministry of Finance adds.
The plenary meeting of the Kimberley Process is scheduled for November 6-10 in an online format.
The Kimberley Process unites over 80 countries. The organization was created in 2000 and named after the city of Kimberley in South Africa, where the first conference was held to combat the so-called “blood diamonds” – illegally mined precious stones, the proceeds from the sale of which are used to finance regional conflicts and terrorist groups.