Bid to enter diamond cutting industry hangs in the balance
Sunday, 7 December 2008
Muzzafar Hossain
KIMBERLEY Process is an international certification scheme that regulates the trade in rough or conflict diamonds. Rough diamonds can cross borders only with an official certificate. The countries importing diamond check the seal and the certificate on the packages.
The first meeting held to discuss the trade in conflict diamonds took place in Kimberley, South Africa, in May 2000 at the initiatives of African producing countries.
The KPCS was formed in 2002 to regular the flow of conflict diamonds, also known as blood diamonds, also used by rebels to finance wars against legitimate governments.
Several business persons in Bangladesh took the initiative to establish cut and polished diamond industry in Bangladesh in early 1996 following a speedy growth of the industry in India and Sri Lanka.
Soon after the formation of KPCS, the government decided to join the KPCS, but it failed due to bureaucratic tangles.
Following repeated requests from entrepreneurs, the commerce ministry drafted a policy on diamond cutting and polishing early this year and sent it to Economic Affairs Committee for the needed nod which is yet to come. In 1996, the government conducted a study on potentiality of diamond cutting industry. It had appointed a consulting firm, with support from the United Nation Development Programme (UNDP), for the purpose. The consulting firm -- SL Mandawat -- in its study found large potentiality of the industry in Bangladesh.
Local entrepreneurs' move to enter diamond cutting industry, which holds promising export potential for Bangladesh, hangs in the balance as the Bangladesh is yet to join the Kimberley Process Certification Scheme (KPCS).
KIMBERLEY Process is an international certification scheme that regulates the trade in rough or conflict diamonds. Rough diamonds can cross borders only with an official certificate. The countries importing diamond check the seal and the certificate on the packages.
The first meeting held to discuss the trade in conflict diamonds took place in Kimberley, South Africa, in May 2000 at the initiatives of African producing countries.
The KPCS was formed in 2002 to regular the flow of conflict diamonds, also known as blood diamonds, also used by rebels to finance wars against legitimate governments.
Several business persons in Bangladesh took the initiative to establish cut and polished diamond industry in Bangladesh in early 1996 following a speedy growth of the industry in India and Sri Lanka.
Soon after the formation of KPCS, the government decided to join the KPCS, but it failed due to bureaucratic tangles.
Following repeated requests from entrepreneurs, the commerce ministry drafted a policy on diamond cutting and polishing early this year and sent it to Economic Affairs Committee for the needed nod which is yet to come. In 1996, the government conducted a study on potentiality of diamond cutting industry. It had appointed a consulting firm, with support from the United Nation Development Programme (UNDP), for the purpose. The consulting firm -- SL Mandawat -- in its study found large potentiality of the industry in Bangladesh.
Local entrepreneurs' move to enter diamond cutting industry, which holds promising export potential for Bangladesh, hangs in the balance as the Bangladesh is yet to join the Kimberley Process Certification Scheme (KPCS).