India to certify diamonds as free from terror financing, money laundering

The scope of Kimberly Process and warranty system to be enlarged to accommodate the changes

India has urged the global diamond industry to incorporate a process enabling the certification of diamonds that do not carry the stigma of corruption or money laundering and are not linked in any way to terrorism or terrorist financing. Following India’s demand, the global industry stakeholders have decided to enlarge the scope of the mandatory Kimberley Process Certification Scheme (KPCS) and Systems of Warranty for diamonds.

The call for such certification stems from a series of frauds and scams unearthed in recent past in the gems and jewellery sector.

The Kimberly Process so far has been limited to certifying stones that are