The Diamond Trade's Provenance Challenge

RAPAPORT Several traceability programs have launched in the past two years, marking a shift in the way the diamond and jewelry trade operates The question of whether a diamond could be traced throughout the distribution chain initially met with some skepticism What happens once the diamond leaves the factory? Or even before it arrives from the mine? Rather, we expect that source-verification programs, with innovative marketing behind them, will become a standard feature of diamond sales.

Are blockchain systems, which record the data flow associated with the diamond, enough, or should we focus on programs attempting to track the physical stone? Would it be more productive for retailers to build their own platforms to trace their diamond supply back to the source? Or is it better for miners, manufacturers, and third parties such as the grading labs to provide tracking services that retailers can tap into? The diamond and jewelry industry needs to satisfy ethically conscious millennials and keep up with consumer trends Even if it's unclear whether a traceable diamond can sell at a higher price than a non-traceable one, source verification is a necessity moving forward; it's simply the right thing for the industry to do. . Source