Gold Miners Join Diamond Market to Combat Conflict Funding

Gold producers are planning to join the diamond industry to create a system to certify that bullion purchases aren’t funding conflict in Africa.

President Barack Obama signed in July an amendment in the U.S. financial reform bill requiring U.S. companies that buy minerals from the Democratic Republic of Congo and neighboring countries to certify that purchases are “DRC conflict free.” The World Gold Council, representing 60 percent of output, said today it produced a draft framework to track conflict-free bullion from the mine to the end user, and to ensure gold mined in a conflict zone doesn’t help finance armed groups.