Home » De Beers Backs G7’s Russian Diamond Ban

De Beers Backs G7’s Russian Diamond Ban

by Adenike Adeodun

De Beers, a global diamond producer, publicly endorsed the G7’s push to block Russian diamonds, urging meticulous tracking for all stones and broader industry engagement.

In a resolute move, diamond giant De Beers backed the G7 nations’ initiative to ban Russian diamonds, emphasising the need for a comprehensive tracking system. As reported by Mining Weekly, this stance, revealed in an open letter, amplifies the call for global industry reforms.

In his message, De Beers CEO Al Cook highlighted the complexity of enforcing such restrictions, pointing to the daunting task of tracing the origin of diamonds. “Identifying why is straightforward; discerning how is the challenge,” Cook expressed.

He emphasised collaboration across the industry spectrum for an effective framework. He noted that key diamond-producing countries outside the G7 play crucial roles in this global enterprise. Engagement with nations like Botswana and India is essential, according to Cook.

The CEO cautioned against measures potentially harming non-Russian producers, underscoring the economic backbone diamonds provide in several African nations. The protection of these interests is paramount in any regulatory framework.

Pointing to the limitations of current technology, Cook cited De Beers’ blockchain, Tracr, as insufficient alone for the G7’s needs. While technology can contribute, it shouldn’t solely define the solution, he asserted.

Cook advocated for inclusivity, stressing that access to resources is crucial for everyone, from Africa’s artisanal miners to America’s jewellers. The plan requires multiple trusted certification centres to prevent restrictive bottlenecks, ensuring no industry player is sidelined.

Cook affirmed the corporate role in bolstering its efficacy by acknowledging legislation as the government’s realm. De Beers, allied with 22 entities via the World Diamond Council, seeks a unified, practical resolution under the G7 Diamond Protocol, aiming to fortify the industry’s integrity and consumer trust.

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