The Many Benefits Of Diamond Traceability

GJEPC’s webinar on Traceability Value in the Natural Diamond Ecosystem that was held on 24th May, highlighted the advantages of traceability technology across the diamond pipeline. Keynote speaker David Block, CEO, Sarine Group from Israel engaged in a lively conversation with GJEPC Chairman Colin Shah, Regional Chairman Dinesh Navadiya, and Executive Director Sabyasachi Ray.

Block outlined the working and importance of Traceability technology, and how it catered to the demands of the new-age consumer, who is more environmentally conscious:

  • The demand for diamond traceability is coming from today’s consumer, who wants to understand where the product comes from and the journey it undergoes to reach the consumer.
  • Traceability shows the good that diamonds bring to communities in mining communities in Africa and Russia and in manufacturing centres like India. It makes it possible to bring these stories to the consumer.
  • Sarine focuses on three aspects of traceability: Simplicity, to integrate traceability within existing infrastructure so that no change in process or equipment is required; Declarations will not suffice, as new tech has enabled a higher level of traceability, so verification is now the norm; Consumers are demanding the provenance of the diamond they are buying and the entire journey from mine to consumer.
  • As an additional sales tool, retailers can present a 3D model of the rough that the polished came from.
  • Traceability’s inherent verification process will replace the need for costly time-consuming audits. This will boost transparency and may solve the issues of bank financing with a possible upshot being better interest rates.
  • Today’s consumer is not just looking for data, but a narrative. Sarine Diamond Journey system captures not only the origin, but the full pipeline. Sarine Diamond Journey is integrated into existing infrastructure so the overhead is the lowest of all solutions. It is based on verifiable data from Sarine systems without human involvement, so data cannot be changed or manipulated.
  • Blockchain is part of the traceability solution, but not the core essence of it.
  • Sarine ensures that minimum changes are done to integrate the traceability process within the manufacturers’ systems. The training of the manufacturers’ staff and data storage is handled by Sarine.
  • Currently two top miners, Alrosa and Lucara Diamond Corp. among others, are working with Sarine’s traceability programme.

Subscribe to our Newsletter

Discover the latest collections, news, and exclusive launches from us.