WDC: Diamond Industry Will Have “Two Distinct Value Chains”
The World Diamond Council (WDC) has projected that the diamond industry will likely have two distinct value chains – “one for responsibly sourced diamonds and the other that does not”, IDEX Online reports.
The projection was given by WDC President Edward Asscher at the closing session of the 2021 Intersessional Meeting of the Kimberley Process (KP). He said that some KP members “were not ready” to meet jewellery consumers’ expectations for diamonds that are responsibly sourced. Asscher claimed: “It might well be that the considerations of consumers are far beyond the field of perception of producing countries, polishing centres and governments. “But what happens if producers do not listen to the market? They become obsolete”.
Asscher added that “the KP had the potential to create a level playing field should it meet consumer expectations”. He added that KP members should work together “to reform the organisation or leave behind those that were not willing to evolve”.