De Beers has confirmed that it anticipates no disruption to its diamond supply ahead of new diamond import requirements from G7 nations starting today (1 March).
The group said it 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,” it said in a statement.
“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.”
De Beers said it continues to engage with G7 and industry stakeholders on the final phase of restrictions due to come into force at a later date.
It said that ethical African diamond producers should maintain their right to certify their diamonds as non-Russian and that the G7 should work to strengthen the globally respected government-run system that ethical producers have developed.
Meanwhile, De Beers progressed the collaboration between Tracr and Sarine Technologies through the signing of a heads of terms.
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.
“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,” said De Beers chief executive Al Cook.
“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.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
