BRICS Nations launch platform to boost African Diamond Trade
KAZAN : The leaders of the BRICS nations, Brazil, Russia, India, China, and South Africa concluded day two of the Annual Summit in Kazan, Russia, on 23rd October, by reaffirming their commitment to ethical trade practices in diamonds. The summit underscored the pivotal role of the Kimberley Process (KP), the global certification system designed to regulate rough diamond trade and prevent conflict diamonds from entering international markets.
In their final declaration, the leaders announced the launch of the Informal BRICS Cooperation Platform with African diamond-mining nations. This platform aims to promote free trade in rough diamonds and ensure the sustainable development of the global diamond industry. This collaboration signifies an important step towards cementing BRICS’ role as a leading player in the global diamond supply chain.
The summit also praised the UAE’s leadership as the 2024 Chair of the Kimberley Process. Additionally, the BRICS nations expressed their support for efforts to increase the turnover of precious metals within the bloc, based on common quality standards.