De Beers’ GemFair purchases its 10,000th diamond

De Beers Group has introduced that GemFair, its programme centered on growing a accountable sourcing mannequin for the artisanal and small-scale diamond mining sector, has reached the important thing milestone of buying its 10,000th diamond since launching in 2018.

GemFair goals to assist the formalisation of the artisanal sector by elevating requirements, providing honest worth, supporting traceability and figuring out a safe path to marketplace for responsibly sourced diamonds.

Since 2018, the programme has grown from having 14 taking part mine websites to greater than 400 at the moment, which collectively assist greater than 6,000 jobs.

The enlargement in member numbers has additionally supported quantity development, with the variety of diamonds bought growing 77% final 12 months and 68% thus far this 12 months.

Earlier this 12 months, GemFair bought its largest ever diamond at 69.3 carats and greater than 90% of diamonds by worth are registered on the Tracr platform to allow traceability as they journey by means of the worth chain.

Whereas De Beers doesn’t have artisanal diamond mining operations, the sector accounts for round 10% of worldwide diamond provide by worth and supplies an important – and sometimes the one – supply of livelihood for hundreds of thousands of individuals in among the poorest components of the world.

De Beers launched GemFair to assist advance the artisanal sector by means of coaching on enterprise, mining and environmental requirements.

GemFair additionally educates miners on diamond valuation, presents to buy any diamond provided by a registered mine web site for honest worth and supplies a traceability resolution for responsibly sourced artisanal manufacturing.

The programme launched within the Kono area of Sierra Leone, the place it continues to function at the moment, because of the enabling atmosphere that has been created for artisanal and small-scale diamond mining on account of constructive reforms following the civil battle that ended within the nation greater than 20 years in the past.

Lately, GemFair has expanded its mannequin to be “extra inclusive” to miners at earlier phases of their formalisation journey and to introduce a ahead finance programme for miners assembly the next set of requirements, as entry to finance on honest phrases is likely one of the key challenges artisanal miners face.

GemFair has additionally launched a programme to reclaim mine websites as soon as mining has ended to assist in enhancing security and environmental administration practices inside the sector. Since 2020, GemFair has reclaimed 12 previously deserted mine pits and, working with native communities, is transitioning them to productive agricultural use to create a brand new supply of earnings and meals safety for these communities.

Al Cook dinner, CEO of De Beers Group, stated: “Because the trade chief, I imagine De Beers can play a constructive position in elevating requirements and transparency within the artisanal diamond sector. This brings profit to miners, their communities and the trade at massive.

“On a go to to Sierra Leone this week, I had the chance to satisfy employees and group members taking part within the programme. It was fantastic to listen to how GemFair is making an actual distinction to their lives. I’m very happy with the programme. I imagine it will probably play an essential position in reworking shopper perceptions of artisanal diamonds and remodeling livelihoods throughout Africa.”