Diamond mines in Azerbaijan? And if not, from where is the rough originating? According to the OEC, the Observatory of Economic Complexity, diamond exports from Azerbaijan in 2023 were reported as “$4.04M, making it the 58th largest exporter of diamonds in the world. In that same year, diamonds were the 92nd most exported product from Azerbaijan. The main destination of diamonds from Azerbaijan – Hong Kong ($4.04M).”
KP Compliance
Late last month (February), President Ilham Aliyev gave the Cabinet of Ministers of the Republic of Azerbaijan three months to prepare proposals on several key areas, including the establishment of laboratories for determining the gemological properties of rough diamonds to support state control, with funding from the state budget to be allocated by the Anti-Monopoly and Consumer Market Control State Agency under the President of the Republic of Azerbaijan.
Other key areas include:
▻The improvement of the regulatory and legal framework for state control in the import, export, use, circulation, accounting, storage, and monitoring of rough diamonds;
▻The certification form and issuance procedure are in line with the requirements of the Kimberley Process Certification Scheme for the export of rough diamonds;
▻Alignment of the customs clearance process for rough diamonds with the Kimberley Process Certification Scheme;
▻The digitalization of the activities mentioned in subparagraph 1.1.1 of the decree;
▻The organization of security measures during the import, export, use, circulation, accounting, storage, and monitoring of rough diamonds;
▻Taking necessary steps to ensure cooperation with the participants of the Kimberley Process Certification Scheme and resolving related issues;
and
▻addressing any other matters arising from the decree.
Watching the Numbers
It will be interesting to watch Azerbaijan export numbers as U.S and E.U. sanctions continue to affect Russian exports.
(See the current report on Alrosa and WFDB concerns.)
Tap here to read more on Azerbaijan’s attempt to comply with the Kimberley Process.
