Diamond manufacturing sector provides livelihood to about one million people, says Commerce Secretary
Indian Commerce Secretary, during the Opening Session address of the 5th Intersessional meeting of the Kimberley Process here today, stated that the diamond manufacturing sector alone provides livelihood to about one million people. “India has a share of about 60% of the world’s polished diamond market by value and about 82% by volume. In 2007-08, we imported rough diamonds worth about $ 10 billion. Today, we have zero duty on the import of rough, cut and polished diamonds. During the same period, India’s export of cut and polished diamonds was US $ 14 billion,” he added.
During the occasion, he said that India is one of the largest economies of the world and this year, our merchandise trade – exports and imports together – will exceed US $ 400 billion, accounting for nearly 1.5% of world trade. Adding to the trade in services increases our commercial engagement with the world to over US $ 525 billion.
The Additional Secretary, Department of Commerce, during his address he quoted a study conducted in 2007 by the Technical Experts Team for the Review and Assessment of the Implementation of KPCS in the trading, cutting and polishing centres. He stressed that improving the quality and ensuring transparency is an important challenge before KP.
Delegates from about 35 countries are attending the Intersessional meeting and participating in the various joint sessions to take stock of the progress made in implementation of KPCS and discuss ways to strengthen the Scheme. Global organizations like World Diamond Council (WDC), Global Witness (GW), Partnership Africa Canada (PAC) and United Nations are also participating in the 3-day Conference. India is sixth in succession to hold the Chair of KPCS after South Africa, Canada, Russian Federation, Botswana and European Commission.
All the Working Groups of KPCS meet at the Intersessional meeting to take a half-yearly stock of the implementation of the Scheme and for planning of the year ahead. The Intersessional is structured around working group meetings and does the background work for the decisions to be taken in the Plenary. On 1.1.2008 India assumed the chair of the Kimberley Process Certificate Scheme (KPCS) for the period 1.1.2008 to 31.12.2008.
Under the aegis of United Nations, KPCS is a joint Government, industry and civil society initiative to stem the flow of conflict diamonds – rough diamonds used by rebel movements to finance wars against legitimate governments. KPCS imposes extensive requirements on its members to enable them to certify shipments of rough diamonds as ‘conflict-free’.
