De Beers stated that it is prepared for compliance by an extremely recent increase in G7 restrictions on Russian diamonds. These restrictions now apply to diamonds weighting in excess of 0.5 carats starting on September 1st.
Strict processes for ensuring the provenance of the company’s diamonds have long been established according to the Best Performance Standards and Pipeline Integrity standards. As the size obstacles for G7 restrictions decreases from 1 carat to 0.5 carat, these programs will continue to make it possible De Beers’ customers to submit the necessary evidence of diamond history.
De Beers has made clear that he’s supportive of the G7 operating alongside companies and governments that generate diamond. The company cheers the introduction of an achievable strategy for “grandfathered” diamonds purchased previous to the introduction of Russian supply constraints, the extended duration of the sunrise period, and its focus on achieving full traceability.carats.
De Beers has been actively developing its Tracr blockchain platform with the goal to more effectively demonstrate its commitment to diamond traceability. At present, the site has approximately 2.6 million raw diamonds and 370,000 polished gems registered.
De Beers wholeheartedly supports the G7’s attempts to ban the trade in Russian diamonds, and the organization has committed itself to cooperating with the G7, the diamond industry, and our partner governments in order to make sure a successful system is put in place, according to Al Cook, CEO of the De Beers Group.
