De Beers announced last week that its GemFair program has purchased its 10,000th diamond since its launch in 2018. This achievement marks a significant step in promoting responsible sourcing within the artisanal-mining sector.
The GemFair initiative began in the Kono region of Sierra Leone. Its goal is to formalize artisanal and small-scale mining by improving standards, enhancing traceability, and ensuring miners receive fair compensation for their diamonds. Since its inception, the program has grown from 14 participating mine sites to over 400, creating more than 6,000 jobs, according to De Beers.
In 2023, the program has seen a 68% increase in diamond purchases compared to previous years, following a 77% increase last year.
De Beers Group CEO Al Cook stated that the program benefits miners, their communities, and the industry as a whole. He emphasized that as an industry leader, De Beers plays a crucial role in changing consumer perceptions of artisanal diamonds and improving livelihoods across Africa.
Earlier this year, GemFair purchased its largest diamond to date, weighing 69.3 carats. De Beers tracks over 90% of the program’s diamonds by value on its Tracr platform, allowing for complete traceability throughout the supply chain.
GemFair is also focused on enhancing environmental practices. Since 2020, it has reclaimed 12 abandoned mine sites, repurposing them for agricultural use to provide local communities with alternative sources of income.
Feriel Zerouki, De Beers’ senior vice president of provenance, ethics, and industry relations, noted the valuable lessons learned over the past six years. She expressed confidence in the program and highlighted the eagerness of miners to collaborate with the GemFair team.
Related topics:
- LVMH Watches & Jewellery Division Sees 5% Revenue Drop Amid Economic Uncertainty
- Two Arrested for the Murder of a US Jeweler
- Shirley Bassey’s diamonds sell for an incredible amount at auction
