DMCC, the world's leading free zone and Government of Dubai Authority on commodities trade, has released a special edition of its Future of Trade report, focusing on enhancing traceability in the global diamond supply chain.
Titled ‘Provenance, Traceability and Technology,’ the report underscores the urgent need for advanced technology solutions to uphold the integrity and sustainability of the diamond industry.
The report highlights key technologies such as blockchain, AI, synthetic DNA, laser microjets, QR codes, and physical tracers. These tools are critical in addressing challenges arising from evolving consumer behaviors, the surge in lab-grown diamonds, and G7 import restrictions. The G7's sanctions package against Russian diamonds, effective from September 2024, has raised industry concerns about potential delays, additional costs, and regulatory overreach.
DMCC's report calls for the creation of a Traceability and Transparency working group to establish “Minimum Viable Levels of Traceability and Transparency.” This group would utilize industry expertise to advance and scale up effective technologies, ensuring a unified global regulatory approach and preserving industry self-determination.
Following the “Provenance, Traceability and Technology Forum” held in May 2024, which gathered diamond industry leaders in Dubai, Ahmed Bin Sulayem, DMCC’s Executive Chairman and CEO, emphasized the importance of embracing technological advancements. He highlighted the role of AI, blockchain, and laser micro-machining in enhancing transparency and supporting artisanal mining communities.
The report’s six key recommendations include setting industry standards through an expert task force, developing an interactive technology ledger, maintaining a technology-agnostic approach, creating compatibility and trust layers, improving payment efficiency, and fostering continuous industry collaboration.
These insights will be discussed at the Dubai Diamond Conference on 11 November, part of DMCC’s Dubai Diamond Week. The week also features the Kimberley Process Plenary and the Jewellery, Gems & Technology Dubai trade fair.
For more details, visit: Future of Trade - Special Diamonds Edition 2024.
News Source: Dubai Media Office
