KP is a joint initiative of the governments, industry and civil societies to stem flow of 'conflict diamonds' - the rough diamonds used by rebel movements to finance wars against legitimate governments.
The Commerce and Industry Ministry in a statement said that official representatives of the European Union and India participating in the KP Intersessional, currently underway in Dubai, made a co-ordinated proposal under which EU will assume responsibility as KP Vice-Chair in 2017 and as KP Chair in 2018.
Addressing the participants at the KP meet, Tung-Lai Margue, Head of the Delegation of the EU to the KP, said that the two delegations were making this announcement as responsible KP partners, and "offering a common solution" so as to "(avoid) situations of conflict and (provide) stability to the KP in the next crucial years to come".
Outlining the goals that EU and India shared for the KP, Margue said both would forge consensus during the next review cycle to reach agreement on a number of shared priorities that we think will ensure the KP becomes stronger and more effective.
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Both the regions would also work towards an agreement on ensuring the effectiveness of the KP scheme and further strengthening its implementation and enforcement.
Quoting the EU representative, it said an agreement on the common solution proposed will provide the KP with clear and predictable Chairmanship for 2018 and 2019.
Speaking at the meet, Manoj Dwivedi, Joint Secretary and Head of the Indian Delegation to the KP Intersessional Meeting, said India and EU had expressed the intent to work jointly in the Kimberley Process Certification Scheme (KPCS) for strengthening it.