India has been recently made the president for a year of the international trade organization, Kimberley Process Certification Scheme popularily known as KPCS.

KPCS is a process designed to certify the origin of rough diamonds from sources which are free of conflict. The process was established in 2003 to prevent rebel groups and their rivals from financing their war aims from diamond sales.

The KPCS has been able to bring most of the world’s rough diamond trade under its control. Within only few years it has asserted an effective body of global governance. It has been estimated that trade outside KPCS has become significantly low.

Categories: New Business Trends
Tags: certification_scheme, diamond_sales, diamond_trade, global_governance, india, international_trade_organization, kpcs, rebel_groups, rough_diamond, rough_diamonds