Gem

Reuters reported a loophole in the Kimberly process has been exposed.

Reuters reported a loophole in the Kimberly process has been exposed.

As quoted in the market news:

The efficacy of the Kimberley Process (KP) has been thrown into doubt by a diamond field operating under a recognized government, not a rebel army, that is widely criticized for abuses of its own.

The scheme signed in January 2003 was aimed at cutting off “blood diamond” financing for rebel groups fighting a U.N.-recognized government. But allowing exports from Zimbabwe’s Marange mine has exposed a loophole: it has no mechanism to hold either the industry or producer countries to account.

Click here to read the full Reuters report.

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