India to host the Kimberely Process Certification Scheme
The Plenary meeting of Kimberley Process Certification Scheme (KPCS) is to be hosted by India between November 18, 2019 and November 22, 2019. The event is hosted by Ministry of Commerce and Industry. The meeting is held annually to make sure that the trade of diamonds is conflict free.
Highlights of the meeting
During the meeting three special forums are to be held. It includes adapting to changes in diamond industry, financial inclusion and women empowerment in the diamond industry and origin and identification of diamonds. Also, several meetings of the working groups and committees of Kimbereley Process Certification Scheme.
Why is KPCS important for India?
- Currently India is exporting 24 billion USD. In the coming years it is expected that the target will reach 1 trillion USD.
- There are more than 1 million people employed in diamond industry in India.
- India is one of the founding members of the KPCS
- The Scheme outlines the rules that govern the trade of diamonds. The purpose of the scheme is to prevent the flow of conflict diamonds. It is not an organization. There are no offices or headquarters for KPCS. It cannot frame agreements. It simply relies on contributions of the participants, industries, governments, civil society observers
- The KPCS has been agreed by the United Nations and the World Diamond Council.
Working of KPCS
The scheme works on certain terms and conditions. The participating countries should implement national legislation, export and import controls and should exchange statistical data. The countries should also be transparent to the scheme meetings.
What are conflict diamonds?
Conflict diamonds are rough diamonds that are used by the rebel movements to finance wars, especially in the third world countries
Month: Current Affairs - November, 2019
Category: Important Days & Events Current Affairs
Topics: Blood diamonds • Conflict Diamonds • Diamond Exchange • Diamonds • Import/Export • Kimberley Process Certification Scheme • World Diamond Council
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