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

Ahead of recent diamond import necessities from Group of 7…

Russian diamonds

Ahead of recent diamond import necessities from Group of 7 (G7) nations, starting on March 1, diamond manufacturer De Beers Group says it anticipates no disruption to its diamond deliver.

The organization reiterates that it absolutely helps the G7’s intentions to restrict the import of Russian diamonds and emphasises the efforts it has taken to provide guarantee on the provenance of the diamonds it produces.

“Over greater than a decade, De Beers has evolved proprietary nice exercise concepts and pipeline integrity standards that offer warranty on the provenance of its diamonds. These 0.33-party audited programmes ensure De Beers hard diamond customers can offer proof of provenance for diamonds, meeting the requirements of the brand new rules with the intention to follow from March 1,” it states.

De Beers in addition factors out that it has advanced the technologically superior Tracr blockchain platform to offer virtual provenance statistics.

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“More than -thirds of the full cost of De Beers’ diamond production is now registered at the platform, presenting an immutable file of provenance from the point of supply,” it says.

To underpin self assurance within the provenance of its diamonds, De Beers has now also improved the collaboration between Tracr and diamond scanning generation issuer Sarine Technologies via the signing of a heads of phrases.

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

Tracr and Sarine technology is open to users across the enterprise and will cognizance on making digital get admission to to information on diamonds to be had to G7 officials, De Beers says.

“I am extremely joyful by the growing collaboration among Tracr and Sarine Technologies. We are devoted to accelerating the improvement of our traceability structures to ensure that our clients have more desirable confidence in the provenance of the diamonds they buy.

“As the world’s leading diamond producer, we welcome continued engagement with governments to make certain new legislation achieves its goals without destructive African international locations whose human beings rely on the earnings from their natural sources,” comments De Beers CEO Al Cook.

“We are thrilled by means of the developing collaboration with Tracr so that it will boost up the capacity to music diamonds in massive scale with the best degree of reliability whilst minimising trade disruptions. This aligns with the G7’s lengthy-time period desires of fostering a diversified supply chain,” adds Sarine Group CEO David Block.

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