De Beers Group has reassured stakeholders of a smooth transition amidst the upcoming diamond import requirements set by G7 nations, effective from March 1st. The company anticipates no disruption to its diamond supply and aims to enhance confidence in diamond provenance through collaborative efforts with Tracr and Sarine Technologies.
With the aim of upholding confidence in the origin of diamonds, De Beers has bolstered its collaboration with Tracr and Sarine Technologies, formalizing their partnership through the signing of a Heads of Terms agreement. This initiative aims to strengthen traceability from rough to polished diamonds using advanced technological solutions.
Furthermore, De Beers fully supports the G7’s initiative to ban the import of Russian diamonds. Leveraging over a decade of experience, De Beers has established Best Practice Principles and Pipeline Integrity standards, which ensure diamond provenance and comply with the new regulations. Additionally, the company has implemented the Tracr blockchain platform to provide immutable records of diamond provenance, covering a significant portion of its production.
De Beers is actively engaging with G7 and industry stakeholders to navigate the final phase of restrictions, advocating for the recognition of ethical African diamond producers’ ability to certify their diamonds as non-Russian. The company believes in strengthening existing government-run systems developed by ethical producers to ensure the integrity of the diamond supply chain.
