De Beers Managing Director Gareth Penny called for increased transparency in the way diamonds are traded in Africa, saying that such transparent and good governance has a positive impact on the integrity of diamonds as a product, Idexonline reports.
“It’s not just doing business that will make the difference,” Penny said in his address at the gala dinner of the annual World Diamond Council meeting in Antwerp, “but the way we practice our business that is the key.”
In line with a speech he gave early last month in Washington, Penny spoke about the role the private sector, and the diamond industry in particular, can play in addressing the challenge of poverty on the African continent, where a majority of the world’s diamonds are mined.
De Beers’ experience operating in Africa, Penny said, has taught them that “We all have a responsibility to ensure that we are not only aware of where our diamonds come from, but also to ensure, where we can, that the communities from where they came have a peaceful and stable existence, and experience lasting social and economic benefit from them – just as we would expect for ourselves.”
A few concrete lessons Penny said De Beers has drawn from its experience are forming strong partnerships with government; committing to building a citizen-run organization and developing skills at the managerial level; supporting international efforts to eliminate corruption and support good governance and helping small citizen companies by outsourcing the supply chain.
 “Quality,” Penny said, “is no longer just a physical manifestation of the products purchased by consumers. Quality and value are now measured against where the product comes from, who manufactured it and how.”
 “By ensuring that we purchase our goods from sources that encourage and develop the skills and abilities of local communities to retain and utilize the value of their diamonds, we will help to provide an engine for growth that will lead to wider economic investment,” he said.

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