DMCC has released its latest Future of Trade report, a special edition focused on advancing traceability in the global diamond supply chain. The report outlines six key recommendations!
Industry must set its own standards: Industry must preserve the ability to set its own standards when it comes to traceability by setting up a task force of industry experts, the “Expert Group on Traceability and Transparency”, to outline recommendations of minimum viable levels of traceability and transparency by March 2025.
Develop an interactive ledger: Industry must maintain a comprehensive register of available technologies, detailing their capabilities, limitations, unique features and areas of technological and economic viability. Promote a technology-agnostic approach: To fully embrace digital innovation, it is important to maintain a “technology-agnostic” approach to safeguard the dynamic nature of traceability technologies.
Create compatibility and trust layers: A “compatibility layer” that allows for intuitive data visualisation and secure transfer as data-sets transition through the diamond value chain can ensure seamless integration of technologies. Meanwhile, a “trust layer” through a network of neutral individuals can be used to authenticate entries at each stage of the value chain.
Develop payment efficiency: Industry should develop a new technology-based payment model that ensures efficient and timely payment for miners and credit flexibility for retailers. Drive continuous collaboration: Industry must collaborate to ensure its longevity, uniting mining companies, manufacturers, retailers, regulatory bodies and technology partners to advance technology and traceability solutions and foster continuous collaboration.
The report and its findings will be discussed at the sixth edition of the Dubai Diamond Conference (DDC) which will take place on 11 November as part of DMCC’s dedicated “Dubai Diamond Week”. Dubai Diamond Week will also see the Kimberley Process Plenary from 12-15 November and the Jewellery, Gems & Technology (JGT) Dubai trade fair from 12-14 November.
The theme for this year’s DDC is “Thriving Under Pressure: Navigating the New Global Paradigms,” which aptly captures the essence of the challenges and transformative opportunities facing the global diamond market.
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