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De Beers strengthens provenance collaboration ahead of G7 import ban on Russian diamonds

29th February 2024

By: Creamer Media Reporter


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Ahead of new diamond import requirements from Group of 7 (G7) nations, starting on March 1, diamond producer De Beers Group says it anticipates no disruption to its diamond supply.

The group reiterates that it fully supports the G7’s intentions to prohibit the import of Russian diamonds and emphasises the efforts it has taken to provide assurance on the provenance of the diamonds it produces.

"Over more than a decade, De Beers has developed proprietary best practice principles and pipeline integrity standards that provide assurance on the provenance of its diamonds. These third-party audited programmes ensure De Beers rough diamond customers can provide evidence of provenance for diamonds, meeting the requirements of the new rules that will apply from March 1," it states.

De Beers further points out that it has developed the technologically advanced Tracr blockchain platform to provide digital provenance records.

"More than two-thirds of the total value of De Beers’ diamond production is now registered on the platform, providing an immutable record of provenance from the point of source," it says.

To underpin confidence in the provenance of its diamonds, De Beers has now also progressed the collaboration between Tracr and diamond scanning technology provider Sarine Technologies through the signing of a heads of terms.

The collaboration between Tracr and Sarine will focus on recording technologically assured, rough-to-polished diamond traceability.

Tracr and Sarine technology is open to users across the industry and will focus on making digital access to information on diamonds available to G7 officials, De Beers says.

“I am delighted by the growing collaboration between Tracr and Sarine Technologies. We are committed to accelerating the development of our traceability systems to ensure that our customers have enhanced confidence in the provenance of the diamonds they purchase.

"As the world’s leading diamond producer, we welcome continued engagement with governments to ensure new legislation achieves its aims without damaging African countries whose people depend upon the income from their natural resources,” comments De Beers CEO Al Cook.

“We are thrilled by the growing collaboration with Tracr that will accelerate the ability to track diamonds in large scale with the highest level of reliability while minimising trade disruptions. This aligns with the G7's long-term goals of fostering a diversified supply chain,” adds Sarine Group CEO David Block.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online



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