De Beers Group CEO Al Cook has written an open letter to the leaders of the Group of Seven (G7) nations expressing De Beers’ support for the G7’s objectives to ban Russian-origin diamonds from their countries. The letter underlines the importance of a collaborative, coherent and collective approach to achieving these objectives.
Collaborative approach
De Beers recognises that an effective framework for identifying diamonds of Russian origin must involve the entire diamond industry. Therefore, Cook emphasises the need for cooperation and input from all industry stakeholders, whether within or outside the G7. This collaborative approach would allow for a broader perspective and a more comprehensive solution. Major producing countries such as Botswana, Namibia, South Africa and Angola, as well as prominent cutting centres such as India, are highlighted as key stakeholders that should be actively involved in the discussions.
Coherent framework
The letter stresses the importance of a coherent and workable framework that protects the interests of diamond-producing African countries. Cook expresses concern about the potential economic impact of import restrictions, which could damage businesses and livelihoods in these countries. He also calls for a realistic approach to the capabilities of technology-based solutions, emphasising that while technology can support the framework, it cannot fully replace it. De Beers’ blockchain system, Tracr, is cited as a technological advance, but Cook points out that it is not the only solution.
Collective and inclusive solution
The CEO stresses the need for a collective and inclusive framework that is accessible to all members of the industry. It is emphasised that the framework should accommodate not only large companies such as De Beers, but also the artisanal sector in Africa, small companies in India and independent jewellers in the United States. The presence of multiple government diamond offices in trusted countries to certify rough diamonds is recommended to avoid bottlenecks that could hinder the functioning of the industry. An inclusive approach, Cook argues, is essential to maintain the integrity of the framework.
The G7 Diamond Protocol
In pursuit of these principles, De Beers, in collaboration with 22 diamond industry organisations through the World Diamond Council, has introduced the ‘G7 Diamond Protocol’ proposal. This proposal aligns with the common goals of the G7 and the diamond industry and seeks to provide an effective and practical solution.
Al Cook’s open letter outlines De Beers’ commitment to supporting the G7’s objectives in relation to the ban on diamonds of Russian origin. The letter emphasises the importance of unity within the industry and calls for cooperation between governments, industry stakeholders and technology-based solutions to create a coherent, collective and inclusive framework. The G7 Diamond Protocol proposal, presented by the World Diamond Council, aims to make progress towards these goals, ultimately strengthening the industry and meeting consumer expectations regarding the provenance of diamonds.
