National News
India Hosts Kimberley Process Intersessional Meeting 2026 In Mumbai
Kimberley Process Meeting Focuses On Monitoring, Compliance and Sustainable Diamond Trade
The Kimberley Process Intersessional Meeting 2026 commenced in Mumbai under India’s Chairship. The meeting, being held from May 11 to May 14, 2026, has brought together representatives from Kimberley Process Participants, Observers, and industry stakeholders from across the world to deliberate on key issues related to the global trade in natural diamonds.
Addressing the gathering, KP Chair 2026, Suchindra Misra, stated that the Kimberley Process has played an important role in supporting peace, protecting livelihoods, and strengthening legitimate diamond trade across producing nations. He emphasised the need to further strengthen trust in the system, enhance cooperation among participants, and ensure that the Kimberley Process remains relevant and effective in a changing global environment.
He also highlighted that natural diamonds represent a sustainable product and that the Kimberley Process continues to remain one of the most progressive certification systems globally.
The Intersessional Meeting will include discussions and meetings of various Working Groups and Committees over the coming days. The deliberations will focus on implementation of the Kimberley Process Certification Scheme (KPCS), monitoring and compliance mechanisms, artisanal and alluvial diamond production, statistics, and measures aimed at strengthening trust in the natural diamond value chain. The proceedings of the Intersessional Meeting will continue till May 14, 2026.
The meeting is also expected to provide an opportunity for Participants and Observers to exchange views on emerging challenges and collaborative approaches for enhancing consumer confidence in ethically sourced natural diamonds.
Senior officials of the Department of Commerce, Government of India, representatives from Kimberley Process Participants, members of the World Diamond Council, Civil Society Coalition members, and other stakeholders are participating in the Intersessional Meeting.
Quote attributed to Kirit Bhansali, Chairman, GJEPC :
“India today stands at the heart of the global natural diamond industry, not only as the world’s largest cutting and polishing center, but also as one of the fastest-growing diamond jewellery markets globally. As an industry, we remain committed to strengthening consumer confidence, promoting transparency, and working together with global stakeholders to ensure that natural diamonds continue to remain a symbol of trust, aspiration, and shared prosperity across the world.
GJEPC, as co-organizer of the Intersessional under India’s Kimberley Process Chairship, is pleased to support this important global platform that will help strengthen confidence, enhance compliance, and reinforce the credibility of the global diamond ecosystem.”
India’s Chairship theme for 2026 focuses on the 3Cs — credibility, compliance, and consumer confidence in the natural diamond sector, with emphasis on strengthening the future of responsibly sourced natural diamonds through constructive dialogue and international collaboration.
The Kimberley Process Certification Scheme (KPCS), established pursuant to the United Nations General Assembly Resolution 55/56 (2000), is an international initiative aimed at preventing the flow of conflict diamonds into the legitimate diamond trade. At present, the Kimberley Process has 60 Participants representing 86 countries, with the European Union and its Member States participating as a single bloc.
India assumed the Chairship of the Kimberley Process on January 1, 2026, reaffirming its commitment to strengthening responsible sourcing, transparency, and sustainability in the global diamond sector. As one of the world’s leading centres for diamond cutting and polishing, India continues to play an important role in advancing the objectives of the Kimberley Process.
National News
NPCI Defers Rollout Of UPI Merchant Discount Rate Until After Diwali
Given Typical Retail Margins Of 2%–6% On Bullion and Plain Gold Jewellery, Absorbing A 0.4% Fee—Or Up To ₹300 Per Large Transaction—Would Have Directly Eaten Into Festive Profitability. The Deferral Keeps Bottom Lines Protected Through Dhanteras and Diwali.
The National Payments Corporation of India’s (NPCI) UPI and Services Steering Committee has deferred the implementation of Merchant Discount Rates (MDR) on select person-to-merchant (P2M) UPI transactions until immediately after Diwali.
The move aims to protect consumer sentiment and keep operational costs steady for businesses during the peak festive shopping season. A specific implementation date will be announced separately.
Key Highlights
- Festive Relief for Retail: The deferment ensures merchants face no additional payment processing costs during peak festive demand, helping avoid disruptions to consumer spending.
- The Approved MDR Structure:
- Applies only to eligible P2M transactions above Rs 2,000 at a rate of 0.4%.
- Capped at Rs 300 for high-value transactions of Rs 75,000 and above.
- Everyday low-value payments and small merchants remain fully exempt, preserving zero-cost digital transactions for general consumers.
- Timeline Adjustment: Originally notified on September 15 for an October 15 rollout, the framework will now take effect post-Diwali, giving banks, payment aggregators, and merchants additional runway to align their systems and communicate terms clearly.
Jewellery purchase values routinely exceed the Rs 2,000 threshold and frequently touch or surpass the Rs 75,000 cap. Given typical retail margins of 2%–6% on bullion and plain gold jewellery, absorbing a 0.4% fee—or up to Rs 300 per large transaction—would have directly eaten into festive profitability. The deferral keeps bottom lines protected through Dhanteras and Diwali.
Introducing transaction fees just as footfall surges would have forced retailers to decide whether to absorb the cost or pass it on to buyers (via checkout surcharges or selective discounts). Avoiding this choice prevents awkward billing counter negotiations and cart abandonment during rush hours.
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