Traceability is quickly becoming a crucial component in the natural diamond industry, primarily to confirm the origins of diamonds. This is becoming even more vital as G7 sanctions heighten the need for traceability technologies. “Traceability will play a growing role across the diamond industry,” said Petra Diamonds CEO Richard Duffy. Petra is advancing its operations with two innovative diamond tracing technologies—Tracr™ by De Beers and Sarine Diamond Journey™.
Petra Diamonds, with mining operations at Cullinan and Finsch in South Africa and Williamson in Tanzania, is at the forefront of implementing these technologies. These systems promise unmatched transparency from the mine directly to the consumer. “Anyone purchasing a diamond that has passed through our process can receive a certificate detailing its journey—from extraction at a specific mine to the final polished product,” Duffy explained. This documentation will include details such as the number of mine employees, community projects, and even the diamond’s carbon footprint.
This advanced traceability not only assures consumers of the authenticity of their diamonds but also helps distinguish natural diamonds from lab-grown alternatives, which do not utilize traceability technology. By the end of this year, Petra aims to have this comprehensive traceability system fully operational, ensuring that each diamond is verifiably:
- Sourced from a Petra mine,
- Natural and not synthetic, and
- Free from any sanctions implications.
“Detailed traceability provides consumers with certainty about their purchase and extensive information about the diamond,” Duffy noted. He remains optimistic about the future of the diamond market, citing a structural supply deficit and robust demand from the luxury jewelry segment. “The conditions are set for a positive shift as we approach year-end, beneficial for both the industry and Petra,” Duffy added.
Duffy also highlighted the broader market dynamics, including resilience in the U.S. economy amid high inflation and interest rates, and growth in middle-class and high-net-worth individuals globally. “India is a prime example of these positive trends,” he commented. Petra has made significant efforts to enhance its resilience, ensuring it can generate revenue in varying market conditions.
The introduction of technologies like Tracr™ and Sarine Diamond Journey™ at Petra’s mines incorporates the Internet of Things (IoT), AI, and blockchain to ensure a transparent supply chain. These technologies provide a detailed, verifiable record of each diamond’s journey, secured in the cloud, establishing an unbreakable chain of authentication from the rough stone to its polished state.
This transformation in diamond traceability not only fosters greater consumer trust but also positions Petra Diamonds as a leader in sustainable and responsible diamond mining and sales.
Source: Mining Weekly
