Diamonds have long been used by criminals, terrorists and other unsavory types as a form of currency. Unlike money, it escapes detection under money-laundering rules, and is easier to conceal.
That’s one reason the Kimberly Process was initiated by South African diamond-producing states. They met in Kimberly, South Africa with a goal of thwarting the conflict or “blood” diamond trade, to ensure diamonds trades were not funding violence.
Today Kimberly process diamonds account for 99.8% of all diamonds traded. The United Nations General Assembly adopted a landmark resolution supporting the Kimberly Process Certification Scheme (KPCS), setting out the requirements for controlling rough diamond production and trade.
Of course criminals will always find a way around it. Find out how in Exit Strategy - book one in the Katerina Carter fraud investigator suspense series.