De Beers' GemFair Programme Surpasses 10,000 Diamond Purchases, Boosting Responsible Sourcing

De Beers Group marks a significant triumph in ethical diamond sourcing with its innovative GemFair initiative, celebrating the purchase of its 10,000th diamond. GemFair, a pioneering responsible sourcing program, has demonstrated exponential growth, reporting a 68% increase in purchases this year alone.

Launched in 2018, GemFair's mission is to foster the formalization of artisanal and small-scale diamond mining (ASM). It focuses on raising standards across the board—ensuring fair value, supporting traceability, and securing a reliable market for responsibly sourced diamonds.

In under half a decade, GemFair has vastly expanded from 14 to over 400 participating mine sites, supporting and creating over 6,000 job opportunities. 2021 alone witnessed an impressive 77% surge in diamond procurement, a testament to the initiative's positive impact and growing scale.

Tracr, a blockchain platform, currently registers over 90% of the diamonds by value, ensuring traceability through the value chain. This year, GemFair also acquired its largest diamond to date, weighing in at an impressive 69.3 carats.

Reflecting on GemFair’s influence and significance, Al Cook, the CEO of De Beers Group, shared his pride in the program during his recent visit to Sierra Leone. He recognized the substantial differences the initiative has made in miners' lives and expressed optimism for its role in evolving consumer perceptions regarding artisanal diamonds.

Similarly, Feriel Zerouki, Senior Vice President of Provenance, Ethics & Industry Relations at De Beers Group, articulated the rewarding nature of GemFair, emphasizing the building trust and the eagerness of miners to engage with the program.

GemFair’s comprehensive approach includes business, mining, and environmental standards training, diamond valuation education, and fair-purchase offers to miners. Further enriching the program's community contribution, a forward finance program has been introduced to compliment miners tailored to higher standards.

Significant advancements in GemFair's operations include the reclamation of 12 abandoned mine pits since 2020, converting them into fertile agricultural land—a move that fosters food security and alternative income generation, echoing De Beers’ commitment to sustainable and ethical practices.

As mining becomes increasingly scrutinized for ethical practices, GemFair's impact stands out, highlighting De Beers' ongoing efforts to revolutionize diamond mining for the welfare of both the communities involved and the wider industry. This initiative is paving the way for more conscientious consumption of one of the world’s most coveted resources.