News:The Plenary meeting of the Kimberley Process Certification Scheme (KPCS) is being hosted by India in New Delhi.
About the Plenary meeting:
- The meeting will be hosted by the Ministry of Commerce and Industry.
- The Plenary meeting is held annually to discuss the latest developments in the implementation of the Kimberley Process Certification Scheme ,wider diamond governance and the ongoing reform agenda of the Kimberley Process.
- During the meeting three special forums are to be held which includes (a)adapting to changes in the diamond industry (b)financial inclusion and women empowerment in the diamond industry and (c)origin and identification of diamonds.
About Kimberley Process:
- The Kimberley Process is an international certification scheme that regulates trade in rough diamonds.
- It aims to prevent the flow of conflict diamonds while helping to protect legitimate trade in rough diamonds.
- The Kimberley Process Certification Scheme(KPCS) outlines the rules that govern the trade in rough diamonds.India is one of the founding members of the KPCS.
- The KP is not an international organisation as it has no permanent offices or permanent staff.
- It relies on the contributions under the principle of burden sharing of participants supported by industry and civil society observers.
Significance of KPCS:
- Currently,India is exporting 24 billion USD in the diamond sector. In the coming years it is expected that the target will reach 1 trillion USD.
- There are more than 1 million people employed in the diamond industry in India.
About Conflict Diamonds:
- Conflict diamonds, also known as blood diamonds are rough diamonds used by rebel movements or their allies to finance armed conflicts aimed at undermining legitimate governments.