Monday, October 28, 2024

De Beers’ Al Cook writes to G7 leaders

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.

Alice
Alice
Alice is a seasoned jewelry designer renowned for her exquisite creations that seamlessly blend artistry with elegance. With a passion for craftsmanship and an unwavering commitment to quality, Alice has established herself as a distinguished figure in the world of fine jewelry. Drawing inspiration from diverse cultures and artistic movements, Alice brings a unique perspective to her designs, creating pieces that transcend mere accessories to become timeless works of art. Her meticulous attention to detail and insistence on using only the finest materials ensure that each creation reflects not only her artistic vision but also a commitment to unparalleled craftsmanship. Having honed her skills through years of dedicated practice and a keen understanding of evolving trends, Alice is adept at translating her clients' desires into bespoke, one-of-a-kind pieces. Her portfolio encompasses a range of styles, from classic and timeless to avant-garde and contemporary, showcasing her versatility and ability to cater to a diverse clientele.

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