De Beers’ GemFair purchases its 10,000th diamond
De Beers Group has announced that GemFair, its programme focused on developing a responsible sourcing model for the artisanal and small-scale diamond mining sector, has reached the key milestone of purchasing its 10,000th diamond since launching in 2018.
GemFair aims to support the formalisation of the artisanal sector by raising standards, offering fair value, supporting traceability and identifying a secure route to market for responsibly sourced diamonds.
Since 2018, the programme has grown from having 14 participating mine sites to more than 400 today, which collectively support more than 6,000 jobs.
The expansion in member numbers has also supported volume growth, with the number of diamonds purchased increasing 77% last year and 68% so far this year.
Earlier this year, GemFair purchased its largest ever diamond at 69.3 carats and more than 90% of diamonds by value are registered on the Tracr platform to enable traceability as they travel through the value chain.
While De Beers does not have artisanal diamond mining operations, the sector accounts for around 10% of global diamond supply by value and provides a vital – and often the only – source of livelihood for millions of people in some of the poorest parts of the world.
De Beers introduced GemFair to help advance the artisanal sector through training on business, mining and environmental standards.
GemFair also educates miners on diamond valuation, offers to purchase any diamond offered by a registered mine site for fair value and provides a traceability solution for responsibly sourced artisanal production.
The programme launched in the Kono region of Sierra Leone, where it continues to operate today, due to the enabling environment that has been created for artisanal and small-scale diamond mining as a result of positive reforms following the civil conflict that ended in the country more than two decades ago.
In recent years, GemFair has expanded its model to be “more inclusive” to miners at earlier stages of their formalisation journey and to introduce a forward finance programme for miners meeting a higher set of standards, as access to finance on fair terms is one of the key challenges artisanal miners face.
GemFair has also introduced a programme to reclaim mine sites once mining has ended to aid in improving safety and environmental management practices within the sector. Since 2020, GemFair has reclaimed 12 formerly abandoned mine pits and, working with local communities, is transitioning them to productive agricultural use to create a new source of income and food security for those communities.
Al Cook, CEO of De Beers Group, said: “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.
“On a visit to Sierra Leone this week, I had the opportunity to meet workers and community members participating in the programme. It was wonderful to hear how GemFair is making a real difference to their lives. I’m very proud of the programme. I believe it can play an important role in transforming consumer perceptions of artisanal diamonds and transforming livelihoods across Africa.”