De Beers to Sell Diamonds from Artisanal Miners

RAPAPORT... De Beers announced plans to work with artisanal miners in SierraLeone to ensure their diamonds are ethically sourced and sold at a fair priceon its auction platform. The company has partnered with the Diamond DevelopmentInitiative (DDI) on the project, known as GemFair, which is set to launch apre-pilot phase this month. GemFair will provide tracking technology toartisanal and small-scale miners (ASM), aiming to create a secure andtransparent route to market for their diamonds, De Beers said in a statementlast week. "The ASM sector represents a critical income source for manypoverty-affected communities," said De Beers CEO Bruce Cleaver. "However, dueto parts of the sector being largely informal and unregulated, it lacks accessto established international markets and the ability to derive fair value forparticipants." De Beers hopes the new project will help grow acceptance andprospects for artisanal miners, in addition to creating a new supply source for thecompany, Cleaver added. Miners who want to participate in the program need toreceive certification from the DDI as well as from GemFair. Participants will thenbe given a diamond "toolkit," which includes technology enabling them to digitally trackall stones throughout the supply chain. Once the initiative is operational, GemFair will begin buyingstones from participating miners, which will then be sold via De Beers' AuctionSales channel. De Beers has not set a date for the pilot's completion, buthopes to make the first purchase later this year.