Ahead of new diamond import requirements from G7 nations starting on 1 March, De Beers Group confirms that it anticipates no disruption to its diamond supply. To underpin confidence in the provenance of diamonds, De Beers has also progressed the collaboration between Tracr and Sarine Technologies through the signing of a Heads of Terms.
De Beers fully supports the G7’s intentions to prohibit the import of Russian diamonds. Over more than a decade, De Beers has developed proprietary Best Practice Principles and Pipeline Integrity standards that provide assurance on the provenance of its diamonds. These third-party audited programmes ensure De Beers rough diamond customers can provide evidence of provenance for diamonds, meeting the requirements of the new rules that will apply from 1 March.
In addition, De Beers has developed the technologically advanced Tracr blockchain platform to provide digital provenance records. More than two-thirds of the total value of De Beers’ diamond production is now registered on the platform, providing an immutable record of provenance from the point of source.
De Beers also announced the signing of a Heads of Terms for collaboration between Sarine Technologies, the leading provider of diamond scanning technology, and Tracr. The Tracr-Sarine collaboration will focus on recording technologically assured, rough-to-polished diamond traceability. Tracr and Sarine technology is open to users across the industry and will focus on making digital access to information on diamonds available to G7 officials.
De Beers continues to engage with G7 and industry stakeholders on the final phase of restrictions due to come into force at a later date. We believe that ethical African diamond producers should maintain their right to certify their own diamonds as non-Russian, and that the G7 should work to strengthen the globally respected government-run system that ethical producers have developed.
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.”