News

Advanced Search

De Beers Expands GemFair Project

Apr 28, 2019 9:42 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
De Beers is broadening a pilot project aimed at creating a secure and transparent route to market for artisanally mined diamonds with ethical sourcing.

The miner introduced GemFair in April 2018 in Sierra Leone, where it worked with 16 mine sites to improve ethical standards and working conditions for miners, while enabling them to sell rough through De Beers’ main distribution channel. Over the past six months, the company has further developed the pilot to encompass 38 more sites.

“Although the sector faces many challenges, we’ve been delighted with how the pilot has gone so far, and it has proved its ability to use digital innovation to support responsible business practices and deliver traceability,” Feriel Zerouki, De Beers’ senior vice president of international relations and ethical initiatives, said last week. “We believe we have identified opportunities to make it even more impactful, and are excited to expand the pilot’s reach to more sites in Sierra Leone.”

GemFair has developed digital technology that enables it to track all diamonds registered in the program. In the future, De Beers plans to integrate that solution into its Tracr blockchain platform.

“The GemFair model has huge long-term potential to transform the ASM [artisanal and small-scale miners] sector by formalizing access to international markets and raising operating and ethical standards across the sector,” Zerouki added.

Image: Artisanal diamond miners in Sierra Leone. (Kaibsaquee)
Tags: ASM, De Beers, Feriel Zerouki, GemFair, Rapaport News, Tracr
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2022 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.