How TRACR saved Botswana’s diamonds from blood

• De Beers lists 1 million diamonds on its blockchain
• Lobbies regulators for technology
• G7 moves to address ‘substantial transformation’ of diamonds
• Restrictions are likely to specifically target polished diamonds

James Kirby, the Senior Vice President – Product Planning at De Beers says Russia’s invasion of Ukraine did create some disruptions, given that the US blocked a certain amount of diamond supply. “It was very difficult because it was monitored,” Kirby answered in an interview at De Beers headquarters this week. The Business Weekly & Review was asking how sanctions imposed on Russia impacted supply, given that Russia, through Alrosa, accounts for more that 30 percent of total production. 

This publication also wanted to know if De Beers saw an opportunity and how it stepped up to fill the gap. “The range of goods that Russia supplies is different from goods that De Beers supplies,” Kirby explained. In that way, he amphasised, De Beers’ are far more higher value goods while Russian goods are smaller and a lot more in volume.