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Vallabhbhai Shamjibhai Patel tells about the ongoing construction of the Surat Diamond Bourse

The under-construction Surat Diamond Bourse (SDB) is India's second diamond trading hub based at Surat, Gujarat, spread across 35.54 acres with more than 4,000 offices for national & international traders. On the onset, the project which...

Yesterday

The strategy of regulating the Russian jewellery industry

At the General Meeting of the Russian Jewellers Guild Association held in April, two principally important documents were adopted: The Strategy of Regulating the Jewellery Industry of Russia and The Charter of a Good Faith Taxpayer. Besides, the issues...

13 june 2018

Our first priority is to better understand artisanal and small-scale mining - Elodie Daguzan

The Diamond Development Initiative (DDI), the organization dealing with the traditional diamond mining, recently announced the appointment of Élodie Daguzan as its first Goodwill Ambassador. Ms. Daguzan, who currently works as head of communication...

04 june 2018

Zimnisky on De Beers’ Lightbox: It’s a strategic, bold move that will benefit the entire natural diamond industry

De Beers shocked all and sundry end of May when it announced the launch of a new company called Lightbox Jewelry, which will market a new brand of laboratory-grown diamond jewellery in September. This effectively meant that the group had departed from...

01 june 2018

Tracking the provenance and lifecycle of a product is a natural and necessary evolution in our industry

A senior executive with a demonstrated history of working globally at management and board levels, Marcus ter Haar has been the Managing Director at Okavango Diamond Company (ODC), Botswana for about 10 months now, prior to which he held the...

28 may 2018

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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