GemFair Buys 10,000th Diamond
Launched by De Beers in 2018, the program aims to develop a responsible sourcing model for the artisanal/small-scale diamond mining sector.
The program, launched by the diamond miner in 2018, is focused on developing a responsible sourcing model for the artisanal and small-scale diamond mining sector.
It does this through educating miners on diamond valuation, offering to purchase any diamond offered by a registered mine site for fair value, and providing a traceability solution.
At launch, the program had 14 participating mine sites, but has grown to more than 400, supporting more than 6,000 jobs, said De Beers.
The expansion in member numbers has also supported volume growth, it said, with the number of diamonds purchased increasing 77 percent last year and 68 percent so far this year.
Though De Beers does not have artisanal diamond mining operations, it said the sector accounts for around 10 percent of global diamond supply by value and is a source of livelihood for millions of people.
“As the industry leader, I believe De Beers can play a positive role in raising standards and transparency in the artisanal diamond sector. This brings benefit to miners, their communities, and the industry at large,” said De Beers Group CEO Al Cook.
Cook shared insights from a recent visit to Sierra Leone where he met with workers and community members participating in the program.
“It was wonderful to hear how GemFair is making a real difference to their lives. I’m very proud of the program. I believe it can play an important role in transforming consumer perceptions of artisanal diamonds and transforming livelihoods across Africa,” he said.
Feriel Zerouki, senior vice president of provenance, ethics, and industry relations at De Beers Group, said “When we first established GemFair, we had a vision to create a model that could help formalize the artisanal small-scale mining sector while supporting transparency and responsible sourcing.”
“We’ve learned a lot over the past six years and have continued to evolve GemFair to maximize its impact for as many miners as possible. However, the most rewarding aspect has been the trust that has been built with GemFair – the confidence miners have in the program and their eagerness to work alongside our team as they see the benefit in participating.”
To learn more about GemFair and its initatives, visit the GemFair website.
The Latest
Editor Lauren McLemore immersed herself in New York Bridal Fashion Week to better understand the role fine jewelry plays on the big day.
The jeweler shared her change of heart on lab-grown diamonds and why she keeps them separate from natural diamonds in her business ventures.
The New York-based brand is expanding outside of the U.S., with a pop-up shop in London and plans to distribute internationally.
From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
They’re available through a retailer that sells luxury products inspired by the lifestyle of Batman’s billionaire civilian persona.
The watchmaker is selling 1,000 “Waterbury” watches for $1 each in celebration of its 170th anniversary.
The new “Ouche” collection brings sculptural designs to the brand, while the expanded “Daystar” collection brings a rainbow of colors.
This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
The auction house said the gemstone could fetch up to $5.5 million at next month’s sale.
From prioritizing the customer experience to optimizing inventory, columnist Emmanuel Raheb shares the keys to a successful holiday season.
Journalist Priya Raj plans to use the scholarship funds to further her media qualifications and amplify marginalized communities.
It marks the first championship win in the team’s 28-year history.
The Arkansas-based jeweler’s first store in the state’s northwest region is set to open next year.
The capsule collection is inspired by friendship and connection, with a nod to ‘80s fashion.
The New York socialite’s elegant, transformable piece from the 1960s is headed to auction later this month.
Texas jeweler Susan Eisen and NAJA’s Gail Brett Levine discuss how lab-grown diamonds have altered the landscape for jewelry appraisers.
On the verge of retirement, Kennedy recounts the most stressful stretch of his time at JSA and reveals what he’ll miss about the industry.
Signet Jewelers CEO Gina Drosos’ secrets to success are listening to her team and leaning on data to make decisions.
Part of the Welsh singer’s extensive jewelry collection, the bathtub-shaped Cartier watch went for nearly $72,000 at Sotheby’s Paris.
He dedicated his life to researching, writing, and speaking about gemstones in the hope he could inspire others to share his passion.
The event is slated for Oct. 17-19.
12 spots are available for travelers to visit Northern Tanzania and Southern Kenya from July 25 to Aug. 4.
Though they didn’t grow up together, siblings Ronald Leitzel and Tonia Leitzel Ulsh have grown together as co-owners of Mountz Jewelers.
The men allegedly posed as employees of a local energy company to gain entry to Hussein Murray’s home and then killed him in the basement.
Sales slipped 4 percent in the third quarter in an environment the company described as economically and politically uncertain.
The U.S. presidential election, inflation, and the aftermath of recent hurricanes could all have an impact on spending.
The Italian brand is also releasing a coffee table book and opening its headquarters and workshop in Valenza, Italy.