The subject was diamonds but the press conference ironically, was held at the Ruby room. Maybe, that's because the Taj Mahal hotel in Colaba does not have a conference room called Diamonds
The subject was diamonds but the press conference ironically, was held at the Ruby room. Maybe, that's because the Taj Mahal hotel in Colaba does not have a conference room called Diamonds.
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To come to the point though, Martin Rapaport, chairman of the Rapaport Group, whichu00a0 advocates fair and competitive diamond markets, spoke at a press conference held at the Taj Mahal hotel in Mumbai recently.u00a0
Martin Rapaport at the conference at
the Taj Mahal hotel. Pic/BIPIN KOKATE
He said the group would introduce a diamond price index soon, that could be used by the financial sector to monitor the diamond price.
The index would be published daily and available online through the day. Rapaport explained that the index would be like, "A vehicle one could use to monitor diamond prices."
Like the diamond index, the group would also start a proprietary diamond investment fund that will provide an opportunity for the financial community to invest in diamonds.
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Yet, it was Rapaport's announcement about the group's certification system for ethical diamonds that provoked a flurry of questions and arguments at the conference.
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Rapaport explained the certification; "The system will track diamonds from the source to polished diamonds and then on to finished jewellery.
Different ethical grades will be provided with the highest grade reserved for fair trade diamonds that provide economic beneficiation to artisanal miners and so on."
Rapaport said that the way to stop the evil or dirty diamonds/blood diamonds or whatever you call them is by creating, "a good path."
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Yet, some journalists did ask him why target Zimbabwe's Marange diamonds when Zimbabwe is a democratic country? There was back and forth as Rapaport argued but statements were made, "Even the US is involved in human rights violations.
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What about the people killed in Afghanistan and Iraq?" asked another. One journalist was heard calling Rapaport's arguments, "absurd."
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Finally, Rapaport said, "I love the US. If you do not, then, the US embassy is that way."
The conference wound down with Rapaport saying about the current economic worries, "The West is losing economic and political power because of the demographics.
India is now on an upward moving path. because of its population. More people means more business."
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