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De Beers Launches Provenance Program
Apr 1, 2019 8:28 AM
By Rapaport News
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RAPAPORT... De Beers will allow its sightholders to disclose source
information on diamonds they purchase from the company, after unveiling its “diamonds from DTC” program Monday.
“We are proud of where our diamonds are discovered, how we
recover them responsibly and the role our activities play in building thriving
communities,” said De Beers CEO Bruce Cleaver. “By enabling our customers to
share the source of origin of our diamonds, we hope to drive further
transparency throughout the diamond-value chain.”
Beginning from the miner’s third sight this year — which
runs from April 1 to 5 — customers can refer to stones purchased from De
Beers as “diamonds from DTC” across the value chain, down to the end-consumer
level, De Beers said. In Canada, the term “diamonds from Diamond Trading
Company” will be used. Diamond Trading Company, or DTC, is the trading name of
the De Beers Group Sightholder Sales (GSS) division, and is generally
recognized within the industry, the company noted.
The stones will link to the miner’s dtc.com website, which provides origin and
sustainability information on its mines, spread over Botswana, Canada, Namibia and
South Africa.
De Beers’ sightholders have long been requesting to disclose
the provenance of the diamonds they purchase from the company. The miner bans
its customers from using the De Beers name, as it reserves this solely for the
use of its own consumer brands, De Beers Jewellers and Forevermark.
However, as the call for greater transparency in the
industry grew, De Beers’ policy became a growing problem. The company finalized
the decision after consulting with clients during its December 2018 sight.
Image: Rough diamond parcels in a De Beers sight box (De Beers)
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Tags:
Bruce Cleaver, De Beers, De Beers Group Sightholder Sales, De Beers Jewellers, Diamond Trading Company, Diamonds from DTC, Forevermark, GSS, provenance, Rapaport News
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