(Rapaport…June 23, 2005) Canada introduced a bill in its Senate this week, seeking amendments to the Export and Import of Rough Diamonds Act in order to comply with the Kimberley Process Certification Scheme (KPCS,) which came into effect in January 2003.
According to a June 23 report on epochtimes.com, Bill S-36, which passed its third reading in the Senate this week, clarifies which stones fit into the definitions under the Kimberly Process. Also, Canada will file trade data based on KPCS requirements.
Canada is the world’s third-most-important diamond producer, with an estimated mine production value of $1.69 billion (CAD 2.1 billion) and 4,000 jobs in the diamond industry. The KPCS includes 43 countries that are Canada’s major diamond trading partners, and account for 99.8 percent of global diamonds that are produced, processed, exported, and imported.
Russia owns chairmanship of the Kimberley Process, which began January 1, 2005.