Determining the provenance of diamonds has always been a challenge, with several factors exacerbating the process of figuring out from where a diamond has come. Concomitantly, the need for pinpointing the origin of the world’s most loved stones has been assuming increasing importance as prominent players seek to shun conflict diamonds and focus on the ethics of the global diamond trade.
The problem of fixing the origin of diamonds and, at the same time, increasing the awareness about the need to keep conflict diamonds out of the trade, was already a humongous issue that did not have clear-cut solutions, but the Russia-Ukraine conflict made the situation much worse. Global stakeholders are now under extreme pressure to ensure that diamonds originating in Russia do not find their way into retail supply chains. But, as said, this is proving to be very difficult, as a diamond may change hands dozens of times before it ends with a consumer.
In such a situation, the only hope that diamond suppliers, traders and retailers have of keeping conflict diamonds out of the pipeline is incorporating technology that can make the process of diamond origin-determination more foolproof. Already, industry players are leveraging cutting-edge tech, such as blockchain and advanced tracking systems, to authenticate the provenance of diamonds. Widespread use of such technology has the potential to revolutionize the diamond trade amid the increasing focus on sanctions on Russian diamonds.
Impact of existing sanctions on Russian diamonds
Denne historien er fra September - October 2023-utgaven av Diamond World.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra September - October 2023-utgaven av Diamond World.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
GJEPC's IIJS Tritiya: A Grand Showcase of Indian Jewellery Excellence
The latest edition of IIJS Tritiya surpassed its predecessor in scale and sophistication, boasting a staggering 900 exhibitors and 1,900 stalls spread across 40,000 square meters. Serving as an expansive marketplace, it facilitated crucial connections and collaborations for industry players, drawing over 15,000 pre-registered visitors from 500 cities in India and 60 countries, which emphasizes its global importance.
Venus Jewel ETHICAL SOURCING, RESPONSIBLE MANUFACTURING AT THE CORE OF VENUS JEWEL
Venus Jewel began its journey with a vision to revolutionize the industry, and took the bold step of becoming the first to specialize in premium size natural diamond manufacturing in India. This pioneering approach has allowed the company to differentiate itself from competitors, and cater to a unique market segment
GemGenève BUDDING DESIGNERS TO WATCH OUT FOR AT GEMGENEVE
Visitors to GemGenève's forthcoming edition, between May 9 and May 12, 2024, at Palexpo Hall 1, should not miss the amazing space known as the Designer Village. Bringing together rising stars of the gem and jewellery industry, the Village offers an uplifting overview of some of the most promising talents
Russian Diamond Imports ROUGH DIAMOND IMPORT DOWN BY 8% OWING TO G7-EU BAN: GJEPC
The phased ban on the import of Russian diamonds imposed by the G7 nations and the EU has thrown the global industry out of gear - India is particularly concerned as the livelihood of millions of people might be impacted. Vipul Shah, Chairman, GJEPC, talks to Suneeta Kaul about the steps that are being taken to address the challenges and mitigate the situation
THE NEW JEWEL IN TOWN: LAB-GROWN DIAMOND JEWELLERY TAKES CENTRE STAGE
Lab-grown diamond jewellery is not a fad. While many Indian retailers choose to be circumspect about jewellery laden with labgrown diamonds, which are chemically, optically and physically identical to natural diamonds, there is most definitely a revolution happening in this space, driven by demand backed by sheer affordability
Guinness World Records Recognizes Largest Tanzanite Sculpture
On March 9, 2024, a momentous occasion took place at the Rice Northwest Museum of Rocks & Minerals in Hillsboro, Oregon, marking a historic milestone in the world of gemstones.
Signet Jewelers Reports 6.3% Decline in Q4
Signet Jewelers reported a 6.3% decline in total sales to $2.5 billion during the quarter that ended February 3, 2024. Same-store sales were down 9.6%, compared to the previous year.
GIA Opens New Lab in Dubai
Gemological Institute of America (GIA) opened a new, state-of-the-art diamond grading laboratory, GIA Laboratory DMCC (Dubai Multi Commodities Centre) in Dubai on February 19, 2024.
WFDB Concludes Annual Presidents' Meeting in Shanghai
The World Federation of Diamond Bourses (WFDB) concluded its annual Presidents’ Meeting for 2024, held in Shanghai, China.
GJEPC Presents 50th India Gem & Jewellery Awards to Export Leaders
The Gem & Jewellery Export Promotion Council (GJEPC) presented the coveted 50th India Gem & Jewellery Awards (IGJA, to exporters.
