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46 J. Corp. L. 463 (2020-2021)
Polishing up the Diamond Trade: How to Revitalize the Kimberley Process

handle is hein.journals/jcorl46 and id is 483 raw text is: Polishing Up the Diamond Trade: How to Revitalize the Kimberley Process Michelle M. Murdock LINTRODUCTION ............................................................................................................. 464 I.BACKGROUND ............................................................................................................. 464 A. The History of the Early Diamond Trade: Colonial Roots and the De Beers Monopoly .............................................................................................. 464 B. Synthetic Diamonds and the Jewelry Market .................................................. 467 C. The Civil Wars of West Africa and the Genesis of the Kimberley Process ..... 468 D. Current Ethics Concerns After 15+ Years of the KPCS.................................. 470 E. Criticisms of the KPCS and Other Existing Frameworks ............................... 471 1. KPCS Under Fire: 'Toothless' and Underinclusive................................... 471 2. A lternative F ram ew orks ............................................................................. 472 III.ANALYSIS .................................................................................................................. 473 A. The KPCS in Practice ..................................................................................... 473 1. The KPCS Addressed the Problem for Which It Was Designed (and No More): To Secure the Cooperation of De Beers and Reluctant Nations .... 473 2. The KPCS Has Been Weakened by a Failure to Incorporate NGOs into the Monitoring System................................................................................ 475 3. Diamond Industry-Specific Regulation Is Crucial ..................................... 475 4. The Framework Gives Too Much Latitude to Signatory Countries............ 476 B. De Beers's Pricing and Marketing Scheme, if Successful, Will Neutralize the Potential of Lab Diamonds to Compete with Natural Diamonds.............. 477 IV.RECOMMENDATIONS FOR AN ADDITIONAL KPCS PLUS REGULATORY FRAMEWORK......................................................................................................... 477 A. Ethical Diamond Sourcing Will Be Most Efficiently Achieved via an Additional Framework Under the KPCS......................................................... 477 1. Advancing Additional Transparency and Ethics Requirements Will Draw Back NGO Sponsors ......................................................................... 477 2. Adding an Additional Framework Under the Auspices of the KPCS Is More Efficient Than Starting from Scratch ................................................ 478 B. Another Dichotomous Certification Scheme Would Facilitate Ethical Transparency Without Drastic Administrative Costs ...................................... 478