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Kimberley Process Undermined by Zimbabwe Diamonds, Rapaport Says

The Kimberley Process, which aims to curb the sale of diamonds used to fund wars, is being undermined by gems from Zimbabwe, accused by human rights groups of committing abuses against its residents, Martin Rapaport, chairman of Rapaport Group.

The Kimberley Process has recently certified more than $200 million worth of diamonds from Zimbabwe’s Marange fields, opening up a “Pandora’s box of complex ethical, legal and financial issues” for the industry, Rapaport, which runs a diamond-pricing service, said in a report on its website today.