Diamond Industry Needs Global Traceability Standards
September 11, 24
(IDEX Online) - The diamond industry needs to establish globally agreed standards for traceability and transparency, says a new report by the Dubai Multi Commodities Centre (DMCC).
It says high-tech solutions are vital to maintain the integrity and sustainability of the diamond supply chain.
But it recognizes concerns over delays, additional costs and regulatory overreach, as highlighted by the recent introduction of G7 sanctions against Russia.
As a result it is calling for a working group to agree standards on minimum viable levels of traceability and transparency.
The Future of Trade report, published by DMCC - the free trade zone and commodities exchange that includes the Dubai Diamond Exchange - outlines six key recommendations.
It says the industry must set its own standards, develop an interactive ledger, promote a technology-agnostic approach, create compatibility and trust layers, develop payment efficiency and drive continuous collaboration.
Ahmed Bin Sulayem (pictured) executive chairman and CEO at DMCC, said: "It is paramount that we collectively embrace technology and its increasingly critical role in the diamond industry's evolution and supply chain.
"By utilising AI, blockchain and laser micro-machining, the diamond industry must embrace the opportunities to enhance transparency."
The report and its findings will be discussed at the sixth edition of the Dubai Diamond Conference on 11 November.