Diamond Industry Development: BRICS Countries Push for Freedom of Trade and Cooperation
The Need for Sustainable Development in the Diamond Industry
The global diamond industry is facing unprecedented challenges, with turbulence in the market for over two years. The industry’s only universal mechanism for regulating the global diamond trade, the Kimberley Process Certification Scheme (KPCS), is being undermined by unilateral trade barriers. Consequently, diamond mining and processing countries, including those in BRICS, are experiencing negative economic impacts.
Collaboration in the BRICS Format: A Path to Sustainable Development
In response to these challenges, a roundtable on the Development of Cooperation in the Diamond Industry among BRICS Countries was held on June 6, 2024, at the St. Petersburg International Economic Forum. The event aimed to create an agenda for equal and fair interaction between parties involved in the global diamond trade.
BRICS Countries: Key Players in the Global Diamond Market
BRICS countries, accounting for over 35% of world GDP, have immense growth potential for the diamond industry. As their economies grow, so will their consumption of jewelry, making it essential to discuss new forms of interaction based on free trade principles.
Cooperation Mechanisms for a Stable Global Diamond Market
The roundtable experts discussed new direct cooperation forms. Specifically, between diamond mining and processing centers. They also explored stimulating natural diamond demand in growing markets. Furthermore, they aimed to provide mining companies global supply chain access.
ALROSA CEO Pavel Marinychev emphasized uniting BRICS participants’ interests. This would ensure the global diamond market’s stability. Moreover, he stressed stakeholder collaboration and alignment’s importance. Essentially, a united front fosters ‘Diamond Industry Development’ and growth.
Marinychev advocated for ‘free trade’ principles in this space. Reducing barriers facilitates efficient resource allocation. Consequently, companies can better meet evolving consumer needs globally. Transitioning seamlessly, he highlighted the diamond industry’s economic significance. Therefore, strategic cooperation is pivotal for sustained progress.
Supporting Diamond-Producing Countries in Africa
Aysen Nikolayev, Head of Yakutia, backed diversifying international supply markets. Moreover, he supported maintaining socioeconomic growth in Yakutia. As BRICS economies expand, jewelry consumption will rise significantly. Therefore, exploring new ‘Diamond Industry Development’ opportunities becomes crucial. Undoubtedly, increased cooperation in the diamond trade aligns with ‘free trade’ principles. This facilitates tapping into growing markets efficiently.
Transitioning smoothly, Nikolayev emphasized the importance of adapting proactively. Economies thrive when industries embrace change strategically. Consequently, Yakutia aims to be a vanguard. It will pioneer diamond industry innovations globally.
Ensuring Freedom of Trade and Cooperation
The roundtable reiterated the importance of keeping BRICS markets open to the free trade of diamond products based on universal principles. Industry standards for responsible diamond mining must be developed by diamond-producing countries and organizations themselves.
Promoting Sustainable Development in the Diamond Industry
In conclusion, the diamond industry requires cooperation and dialogue among BRICS countries to ensure sustainable development and freedom of trade. By promoting fair trade and cooperation, the global diamond market can maintain its stability and growth potential.