The government initiated the review of Guyana’s Kimberly Process Certification Scheme (KPCS) because of the spike in diamond production, Minister of Natural Resources Raphael Trotman said during his ministry’s outreach recently in Region 10.
While presenting residents in Kwakwani and Ituni on the work that the Ministry of Natural Resources is currently engaged in, Minister Trotman touched on the KPCS review.
“We have seen a spike in our diamond production which makes us feel good; we just have to make sure that we are not processing somebody else’s diamond from some atrocity someplace else,” Minister Trotman said.
In 2016, royalty from diamonds exceeded the budgeted amount of $24.0M by $63.9M for the period January to October 2016. For 2016, 109,651 metric carats of diamonds were declared which earned the government $73,277,347 in fees and royalties.
In February, Cabinet approved the request for the expertise of a legal consultant to review the KPCS used for certifying diamonds.
The KPCS was launched in 2003 in a bid to clean up the international diamond trade after it was recognised that diamonds were being used to finance wars and terrorism.