Kimberley Process Suspends Central African Republic

Reuters reported that Francois Bozize has been ousted from his position as president of the Central African Republic by a rebel coalition, and as a result, the nation has been suspended from the Kimberley Process.

As quoted in the market news:

The document, signed by current Kimberley Process chair South Africa and sent to the 80 member states, said certified diamond trading with the impoverished and coup-prone central African nation had been halted with immediate effect.

Senior South African diplomat Welile Nhlapo said at the World Diamond Council in Tel Aviv this month all diamond monitoring and controls in the Central African Republic had broken down since the removal of President Francois Bozize.

Click here to read the full Reuters report.