The Rapaport Group has issued the following Trade Alert to the diamond industry.
Rapaport Trade Alert – Marange Diamonds
“The Kimberley Process (KP) has just certified approximately 900,000 carats of rough diamonds from Marange, Zimbabwe. While the trading of Marange diamonds may be legal in certain jurisdictions, companies owning or selling the diamonds are sanctioned by the U.S., E.U., and U.K. governments and their trading may be illegal by citizens of these countries.
Furthermore, the KP does not have a mandate to deny its certification for diamonds involved in human rights violations and there is no guarantee that diamonds with KP certification are free of human rights violations.
Rapaport strongly advises all diamond buyers not to trade in KP certified Marange diamonds and to request written assurance from their suppliers that their diamonds have not been sourced from Marange.
RapNet, the Rapaport Diamond Trading Network, will not allow the trading of any diamonds sourced from Marange, Zimbabwe. Members found to have knowingly offered Marange diamonds for sale on RapNet will be expelled and their names will be publicly communicated.”
Martin Rapaport has also sent a personal communication to all RapNet members urging them to contact their suppliers and obtain written assurances that they are not being supplied with Marange diamonds. Rapaport noted that U.S., U.K. and E.U. citizens who are subject to sanctions regulations may have a legal obligation to verify their diamond sources. RapNet members with information regarding the distribution of diamonds involved in human rights violations were asked to contact RapNet legal counsel via email legal@diamonds.net.
About the Rapaport Group:
The Rapaport Group is an international network of companies providing added value services that support the development of free, fair and competitive global diamond markets. Established in 1978, the Rapaport Diamond Report is the primary source of diamond prices and market information. Group activities include publishing, research and marketing services, internet information and diamond trading networks, global rough and polished diamond tenders, diamond certification, quality- control, compliance, shipping, and financial services. Major activities of the group include the development of markets for Fair Trade Diamonds and Jewelry as well as the creation of diamond futures markets. Additional information is available at www.Rapaport.com.
