| | PRESS RELEASE
For Immediate Release - November
10, 2004RAPAPORT
Calls For Establishment of African Digger Cooperatives And Announces Cooperation
with U.S. AID and Global Witness to Support Development in Africa
The Rapaport Group firmly supports all efforts to create
legitimate
diamond markets in Sierra Leone and other West African countries. Such
legitimate markets must be based on the principle of honest, transparent
and fair trade whereby the local indigenous population receives tangible
benefit from their country's diamond resources. Such markets must be open,
fair and competitive whereby all honest stakeholders in the diamond
industry have equal opportunity to participate in the region's diamond
development.
| Rapaport fully
shares the concerns brought forward by NGOs requesting assurances that
diamond digging be accomplished in a morally responsible, socially
accountable and economically beneficial manner with respect for the human
rights of diggers and their communities. We hereby reaffirm that the
Rapaport Group will not be party to any diamond purchasing scheme that
exploits the local population and/or is not supported by legitimate NGOs.
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Rapaport calls upon governments and NGOs to establish and
monitor clear,
written standards for acceptable digging and buying practices so that we
and others may support these standards by helping to establish diggers'
cooperatives and responsible diamond-buying activity. We hope that NGO
certification of "fair trade" diamonds from Sierra Leone and other
developing countries will be possible in the future.
Rapaport stands ready to provide specific answers to specific questions
related to the operational aspects of diamond buying. Such operational
considerations include methods of quality control, valuation, buying,
payment, shipment and international marketing of rough and polished
diamonds.
The Rapaport Group is pleased to announce an agreement in principle with
The United States government Agency for International Development (AID)
and the NGO Global Witness to support a pilot program for development in
Sierra Leone's diamond sector.
Rapaport will provide seed capital for the establishment of diggers'
cooperatives and purchase the diamonds produced by the cooperatives based
on prices set by the Sierra Leone government valuators. The diamonds will
be sold in transparent open market tenders with Rapaport profits to be
limited to a fixed commission. Tender sales results will be reported back
to the diggers and excess profits will be repatriated to the cooperatives.
U.S. AID and the Kono Diamond Peace Alliance will select, support, monitor
and coordinate the diggers cooperatives. Global Witness will fully monitor
all aspects of the venture, from mining to marketing, to assure that they
are being accomplished in a fair and honest manner.
The Rapaport Group thanks the governments of Sierra Leone, and the United
States, the NGO Global Witness, the Kono Diamond Peace Alliance, and most
importantly, the people and community of the Kono District for their
support and cooperation in this effort.
The establishment of this cooperative effort by government, NGOs and
industry is of historic proportions, as it breaks new ground in how the
international community can and should work together for the betterment of
the world. Let us recognize that if we work together there is no limit to
what we can achieve.
Millions of people across the globe, in every country and in every
society, share the diamond dream. The dream that one day they will receive
a diamond from someone they love. The diamond has come to reflect the most
noble of aspirations;the establishment of caring and loving relationships.
The time has come, here and now, for all of us to work together and share
the diamond dream with its source, the people of Africa.
The Rapaport Group is well known as the primary source of diamond price and market information. The Group is an international network of companies actively involved in publishing, research, diamond grading, Internet news and diamond-trading networks. Group assets include the Rapaport Diamond Report®, INDEX® -- Internet Diamond Exchange, RapNet® and Diamonds.net™.
For Additional Information please contact:
Adam Graham Rapaport USA Tel: +1702-893-9400 Email:
ag@diamonds.net
Saville Stern Rapaport Israel Tel: +972-3-613-3330 Email:
Saville@diamonds.net
Vinod Kuriyan Rapaport India Tel: +9122-5637-6633 Email:
Vinod@diamonds.net
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