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Bangladesh moves to launch diamond processing business

STAR BUSINESS REPORT
Bangladesh has decided to join the Kimberly Process Certification Scheme (KPCS) to enter a fair trade in diamond processing, said the law, justice and parliamentary affairs minister yesterday.
"We intend to enact relevant laws in this regard to enter the legitimate trade in diamond processing industry," Moudud Ahmed told a seminar titled 'Kimberley Process: What's in it for Bangladesh'.
The trade in conflict diamonds is also responsible for black money, he said, adding that Bangladesh needs to become a KPCS participant to fight money laundering.
KPCS for international trade in rough diamonds was implemented on January 1, 2003. Rough diamonds can now only cross the border with an official certificate. The countries importing the diamonds will check the sealing and the certificates of the packages.
The first meeting held to discuss the trade in conflict diamonds took place in Kimberley, South Africa, in May 2000 at the initiative of African producing countries.
Kimberley Process is an international certification scheme that regulates the trade in rough or
conflict diamonds, said Wali-ur-Rahman, director of Bangladesh Institute of Law and International Affairs (Bilia) that organised the seminar in collaboration with the Delegation of the European Commission to Bangladesh.
The trade in conflict diamonds,
also known as blood diamond, has contributed to devastating conflicts in diamond-rich African countries such as Angola, Sierra Leone, Democratic Republic of Congo and Liberia.
"Diamonds are meant to be a girl's best friend, not a state's worst enemy," said the Head of EC Delegation Esko Kentrschynskyj quoting an African scholar while presenting his keynote speech.
Conflict diamonds are sources of fund for illegal activities, destabilising society and violation of human rights, said First Secretary of the EC Delegation Anne Marchal.
"Conflict diamonds have to be turned into development diamonds," she said.
India is the largest diamond cutting country that exports processed diamonds worth $11 billion, said former ambassador M Zamir. Bangladesh should exploit the full potential of the industry, he added.
Bangladesh can initiate diamond cutting and polishing industry, said Alexey O Goltyaev, an official of Russian Embassy.
Russia is the largest diamond producing country and currently is the chair of Kimberley Process.