Business / Economy
Zimbabwe pin hopes on China's Kimberley Process chairmanship
06 Jan 2014 at 08:50hrs | Views
Government says it looks forward to China's Kimberley Process (KP) Chairmanship for the next 12 months, amid optimism that the Asian economic powerhouse will ensure the grouping remains a credible tool in monitoring the trade of rough diamonds.
With China having assumed the KP chair from South Africa, all eyes are on the Asian country to see how it will guide the grouping which has in the past been faced with credibility challenges while its relevance has also been questioned by some quarters.
Mines and Mining Development Permanent Secretary, Professor Francis Gudyanga expressed confidence in the ability of China to consolidate the gains made so far by the grouping and to ensure the body remains credible.
In his acceptance speech in November last year, KPCS chairperson, Mr Wei Chuanzhong stressed that China appreciates the significant role that the scheme must play in promoting legal diamond trade and in ensuring that the precious stone contributes to the sustainable development of the African continent.
China, which supported Zimbabwe in the quest towards formalisation of diamond mining and the certification process, is expected to deal with the ongoing debate around reformation of the grouping and to restore the credibility of the grouping.
China is tipped to overtake the United States as the biggest diamond market in the world by 2020.
Successful marketing by diamond and jewellery companies, along with growing consumer demand from China's more than 1,3 billion-strong population, have transformed the country into the second-largest diamond-consuming market.
With China having assumed the KP chair from South Africa, all eyes are on the Asian country to see how it will guide the grouping which has in the past been faced with credibility challenges while its relevance has also been questioned by some quarters.
Mines and Mining Development Permanent Secretary, Professor Francis Gudyanga expressed confidence in the ability of China to consolidate the gains made so far by the grouping and to ensure the body remains credible.
In his acceptance speech in November last year, KPCS chairperson, Mr Wei Chuanzhong stressed that China appreciates the significant role that the scheme must play in promoting legal diamond trade and in ensuring that the precious stone contributes to the sustainable development of the African continent.
China, which supported Zimbabwe in the quest towards formalisation of diamond mining and the certification process, is expected to deal with the ongoing debate around reformation of the grouping and to restore the credibility of the grouping.
China is tipped to overtake the United States as the biggest diamond market in the world by 2020.
Successful marketing by diamond and jewellery companies, along with growing consumer demand from China's more than 1,3 billion-strong population, have transformed the country into the second-largest diamond-consuming market.
Source - zbc
