Traceability has shot to the top of the diamond industry agenda in the last year or two. That said, it's hardly a new phenomenon as companies have been working on solutions for almost a decade now.
But there is an urgency about the industry's adoption of source verification solutions. That's partly the result of the G7 sanctions on Russian diamonds but also due to sustainability and environmental, social, governance (ESG) standards that brands require from their suppliers and that regulators will likely mandate.
These developments have left the industry with more questions than answers. The good news is that the challenge has been acknowledged by the solutions providers. The bigger challenge will be whether they can collaborate, as will be required, in an increasingly competitive space.
I explore in my latest piece, The Race to Trace, which appeared in the August issue of Rapaport Magazine.
Read the full article here.
Image: Illustrative image of a diamond. (Credit: David Polak/Midjourney via Rapaport)
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