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Are Blood Diamonds Banned?

Published in Business & Finance 2 mins read

No, blood diamonds are not banned outright. However, there are international efforts to regulate their trade and prevent the funding of armed conflict.

What are Blood Diamonds?

Blood diamonds, also known as conflict diamonds, are diamonds mined in areas controlled by rebel groups or governments that use the proceeds from diamond sales to finance wars and human rights abuses.

International Efforts to Combat Blood Diamonds

The international community has taken several steps to address the problem of blood diamonds:

  • The Kimberley Process Certification Scheme (KPCS): This international certification scheme, launched in 2003, aims to prevent the trade of conflict diamonds by requiring participating countries to implement systems to track the origin of diamonds and ensure they are not from conflict zones.
  • The United Nations Security Council Resolution 1173: This resolution, passed in 1998, imposed sanctions on the export of rough diamonds from Sierra Leone, which was then embroiled in a civil war fueled by diamond revenue.
  • The United States Clean Diamond Trade Act: This law, passed in 2003, prohibits the import of diamonds from countries that do not comply with the Kimberley Process.

Challenges in Combating Blood Diamonds

Despite these efforts, the trade of conflict diamonds persists due to several challenges:

  • Lack of Enforcement: There is a lack of effective enforcement mechanisms to ensure compliance with the Kimberley Process and other regulations.
  • Smuggling: Diamonds can be smuggled easily, making it difficult to track their origin and prevent their sale.
  • Complicated Supply Chains: The diamond trade involves long and complex supply chains, making it difficult to trace the origin of every diamond.

Conclusion

While blood diamonds are not banned, there are significant international efforts to curb their trade and prevent the funding of conflict. The Kimberley Process and other initiatives have had some success in reducing the flow of conflict diamonds, but challenges remain. Consumers can contribute by purchasing diamonds from reputable sources that adhere to ethical sourcing practices.

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