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U.S. KP AUTHORITY TO UPGRADE ROUGH TRADING REPORTING
08 September 2016
At the end of August, Diamond Intelligence Briefs posed a series of queries to the KP Authority, Census Bureau, Commerce Department, State Department and other officials about serious discrepancies in rough trading figures supplied to the KP Peer Review Mission of the United States, and the official data published by the Census Bureau. They were also alerted to serious transfer pricing issues and other matters of concern to the rough diamond trade. The issues raised have been dealt with at length in our article earlier this week, titled: "USA 2016: Rough Diamond ‘Laundromat of Choice'; Time for KP to Lift its Protective Shield".

A day or so after publication of the DIB article, USKPA General Counsel Cecilia Gardner, on behalf of the U.S. KP Authority published the following press release, titled: "United States Kimberly Process Authority, the U.S. Department of State and the U.S. Census Bureau Take Steps to Enhance U.S. Rough Diamond Trade By Formalizing Public-Private Partnership". The key quote in the release comes from the Census Bureau's Assistant Director for Economic Programs Nick Orsini, who states: "The U.S. Census Bureau looks forward to strengthening the partnerships necessary to ensure the continued timeliness, quality, and transparency of export statistics on rough diamonds."

From the press release it is not clear what the actual changes are which this partnership plans to undertake, and, in DIB's view, the problem is much larger than just statistical reporting. Without any further comment, a link to the U.S. KP Authority press release can be found by clicking here.

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