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Small number of KP participants block consensus on long-awaited reforms, WDC expresses regret

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The World Diamond Council (WDC) in 21st November expressed profound regret that a small number of Kimberley Process (KP) Participants blocked consensus on long-awaited reforms designed to strengthen protections for Africa’s diamond-mining communities.

For three years, the KP Review and Reform Committee worked on the most ambitious reform effort in more than two decades. That work brought the KP closer than ever to a modernized definition of “conflict diamonds” and to the explicit protection of mining communities.

Despite this unprecedented convergence, consensus was denied, not because the evidence was disputed, nor because alternatives were proposed, but because a few Participants chose politics over people.

Feriel Zerouki

“Progress was killed in pursuit of the impossible,” said Feriel Zerouki, President of the World Diamond Council. “Today, some signaled that the lives of diamond miners in Africa are not as valuable as lives elsewhere. They signaled that protection is a privilege, not a principle.Hope is not a strategy,” Ms. Zerouki said. “Hope must now become pressure, accountability and consequence. We will continue – relentlessly – to fight for a Kimberley Process worthy of the lives it is meant to protect.”

  • A wide majority supported expanding the KP definition to include the modern forms of violence affecting mining regions today. The proposed reform package included:
  • Extending the definition of conflict diamonds to cover violence carried out by armed groups beyond traditional rebel movements, including militias, mercenaries, organized criminal networks, private military and security companies, and other non-state actors.
  • Explicitly recognizing diamond-mining communities within the KP’s mandate of protection.
  • Adding armed conflict and systematic or widespread violence to the list of actions covered by the Kimberley Process.

These updates reflected international best practice. The research underpinning them – shared repeatedly over three years – was never challenged, nor was contrary evidence ever presented.

Despite the disappointment, the WDC reiterated its strong belief in the Kimberley Process as a global platform that remains indispensable.

The WDC president called on all KP Participants to use this moment as a reminder that the KP’s vital work to protect diamond mining communities continues.

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DiamondBuzz

Lucara Secures $50 Million Equity Boost for Karowe Underground Expansion

Lundin Family Trusts back CAD 70 million private placement to fund 2026 development plans

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Lucara Diamond Corp. has raised CAD 70 million (approximately $50.5 million) through a private placement of equity to support the advancement of its Karowe Underground Project (UGP) and strengthen its working capital position.

The company issued around 437.5 million shares at a price of CAD 0.16 per share, with the Lundin Family Trusts subscribing to the entire offering. The Lundin family controls Nemesia, Lucara’s largest shareholder, reinforcing its long-term commitment to the miner’s flagship Botswana operation.

Proceeds from the financing will be primarily used to progress the Karowe UGP, a key growth initiative aimed at extending the life and value of the mine, alongside general corporate and working capital requirements.

Commenting on the transaction, Lucara President and CEO William Lamb said the support from the Lundin Family Trusts highlights the strategic importance of the underground expansion. He added that the funding will position the company to accelerate critical project milestones planned for 2026.

The private placement is subject to customary regulatory approvals, including acceptance by the Toronto Stock Exchange, and does not require shareholder approval. Lucara expects the transaction to close by the end of the month.

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