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It's our responsibility to capture the imagination of future generations towards diamonds

As CEO of Beverly Hills-based Grand Metropolitan - a privately-held luxury goods holding company with a 130-brand portfolio - Vin Lee carries the burden rather lightly on his shoulders. Having migrated from Canada as a baby, it did not take long for...

Today

‘Non-diamond producing countries shouldn’t lead KP’

Non-diamond producing countries should not lead the Kimberley Process (KP) as was the case last year with the United Arab Emirates (UAE), according to the African Diamond Council and African Diamond Producers Association chairperson...

04 december 2017

Jewellers’ Guild of Russia sees its mission in creating highly developed national jewellery market

In recent years, the Jewellers’ Guild of Russia has noticeably stepped up its activities. Eduard Utkin, General Manager of this Association told Rough & Polished about what is happening in the country’s jewellery sector, the tasks facing the community...

27 november 2017

Any color diamond is a great investment

Bruno Scarselli belongs to the 3rd generation of the Scarselli family, which has for the last half-century been producing and selling some of the world’s highest quality yellow, blue and pink diamonds available on the market. Bruno heads the company...

20 november 2017

It’s crucial everybody feels confident that their suppliers use the System of Warranties - Stephane Fischler

The System of Warranties (SoW) in the diamond industry dates back to 2002, when the World Diamond Council (WDC) in team with the World Federation of Diamond Bourses (WFDB) and the International Diamond Manufacturers Association...

13 november 2017

De Beers mulls diamond traceability platform anchored by blockchain technology

06 december 2017
De Beers said it is investing in a new platform that will provide a single, immutable record that traces a diamond’s individual journey through the value chain.
Group chief executive Bruce Cleaver said in a note that the diamond traceability platform was underpinned by blockchain technology, which allows for a highly secure digital register that creates a tamper-proof and permanent record of interactions.
“In a blockchain, each event or transaction is registered in a database backed by advanced information security technology,” he said.
“This chain maintains a record of the activities that have taken place, the order they occurred in, who they occurred between and what they involved.
“However, and what is most unique about this project, is that the system is able to verify activity on the chain without needing to reveal sensitive details to the wider community. As a result, participants can be confident that a transaction occurred, but safe in the knowledge that the sensitive data remains between them and their counterparty.”
Cleaver said once established, the blockchain would operate as a shared platform, on top of which a range of solutions could be built.
“It can be thought of as akin to a smartphone and a range of apps – once the base blockchain technology is established, participants in the ecosystem can build applications for various uses, whether that’s as a trading platform, financial assurance tool or consumer-facing solution,” he said.
“As the first traceability platform to span the entire diamond value chain, the solution we are developing aims to provide unprecedented levels of confidence and assurance for all stakeholders.”

Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished

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