De Beers Ready for G7 Diamond Ban on Russia

De Beers has confirmed that it is prepared for the new diamond import requirements that will take effect from 1st March in the G7 countries. The new rules aim to prevent the entry of Russian diamonds into the G7 markets, following allegations of human rights violations and environmental damage in the Russian diamond industry.

De Beers said it fully supports the G7’s initiative and has already implemented rigorous standards to ensure the provenance of its diamonds. The company has developed its own Best Practice Principles and Pipeline Integrity programmes, which are verified by third-party auditors, to provide evidence of the origin and ethical sourcing of its diamonds. Moreover, De Beers has created the Tracr blockchain platform, which records the digital provenance of more than two-thirds of the value of its diamond production, from the mine to the market.

De Beers also announced a new collaboration with Sarine Technologies, the leading provider of diamond scanning technology, to enhance the traceability of its diamonds from rough to polished. The collaboration, which was formalised by a Heads of Terms agreement, will integrate the Tracr and Sarine technologies to create a reliable and accessible system of diamond information for the G7 authorities.

De Beers said it will continue to engage with the G7 and the industry stakeholders on the final phase of the restrictions, which will be implemented at a later date. The company expressed its belief that ethical African diamond producers should retain their right to certify their own diamonds as non-Russian, and that the G7 should work to improve the existing government-run system that regulates the diamond trade.

De Beers Group CEO Al Cook said: “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 that new legislation achieves its aims without damaging African countries whose people depend upon the income from their natural resources.”

Sarine Group CEO David Block added: “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 minimizing trade disruptions. This aligns with the G7’s long-term goals of fostering a diversified supply chain.”

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