The diamond industry is urged to adopt globally recognized standards for transparency and tracking, according to The Future of Trade report, recently released by the Dubai Multi Commodities Centre (DMCC), as reported by IDEX Online.
The report emphasizes the need for technological advancements to ensure the integrity and sustainability of the diamond supply chain. It also addresses concerns about potential delays, increased costs, and excessive regulation that these new standards may introduce, particularly in light of the recent G7 sanctions against Russia. To tackle these challenges, the report advocates for establishing working groups to agree on baseline tracking and transparency measures for the diamond sector.
According to the report, the DMCC outlines six key recommendations, including the development of industry-specific standards, the creation of an interactive ledger, the promotion of a technology-agnostic approach, the establishment of compatibility and trust frameworks, improved payment efficiency, and fostering continuous collaboration.
These findings will be discussed in detail at the upcoming Dubai Diamond Conference, scheduled for November 11.
