Kimberley Process

Why in news? India has assumed the Chair of the Kimberley Process for the year 2026, highlighting its role in global diamond trade governance.
The Kimberley Process (KP) is a multinational mechanism created to regulate the global trade in conflict diamonds.
Conflict diamonds refer to rough or pre-polished diamonds that are used illegally by rebel or insurgent groups to undermine or threaten legitimate governments.
The process was initiated in May 2000, when countries of southern Africa began discussions to stop the trade in conflict diamonds.
These discussions led to negotiations among 37 signatory parties, culminating in the adoption of the Kimberley Process Certification Scheme (KPCS) in 2003.
Under the KPCS, participating countries agree to trade rough diamonds only with other members and certify that shipments are conflict-free.
At present, the KP has 60 participants, representing 86 countries.
The Kimberley Process covers approximately 99.8% of global rough diamond production, making it a near-universal regulatory framework.