2014 saw the identification of a critical flaw in the Kimberley Process. While the process may have helped solve the problem of conflict diamonds, it has systematically allowed workers to be abused and taken advantage of. From toeing the fine line of child labor laws, not to mention hazardous working conditions, one might say that the Kimberley Process solved one problem only to create another.
That said, abolishing the Kimberley Process may not be the answer. To solve this issue, one should look into more modern solutions – such as one provided by a blockchain and tech data company, WebTiga.
UNDERSTANDING THE GLOBAL DIAMOND MARKET
The diamond is one of the oldest precious stones in human history. It has long been a symbol of wealth and prestige, being used to signify status for pharaohs, kings, queens, and even emperors. In 2020, the world’s diamond market was valued at just a little over $68 billion. Despite the nominal drop in value, Bloomberg’s experts suggest that by 2030, the market should reach a value of $123.83 billion.
It should come as no surprise that diamonds continue to grow in popularity. From mainstream songs to stunning wedding proposals, these precious stones have been a symbol of lavish life and luxury since their discovery.
With such a huge market, one could assume that it would be difficult to find a diamond that meets people’s high standards, but the result will surprise you. After all, the diamond industry has taken measures to ensure that all diamonds are authentic and meet the highest standards of quality and beauty.
THE PROBLEM
While diamonds are usually graded and tracked to ensure you’re not procuring unethically sourced ones, details about their whereabouts before being sold on the market are muddy. No database exists that captures the manufacturing or mining information on these precious stones despite the race and urgency to create a non-violent market.
Despite the problems found with the Kimberley Process, the diamond industry has yet to find a solution. Allowing for the flow of conflict diamonds with established ties to terrorism and organized crime runs the risk of fueling conflicts across Africa and beyond.
THE SOLUTION
What is needed is a comprehensive database that keeps track of where diamonds come from and what they are used for. Such a solution could provide peace of mind and stop the illegal trade in conflict diamonds.
Luckily, brilliant minds at WebTiga have come together to find a solution. A global registry that tracks every point of information of precious stones like diamonds from the moment it’s lifted from the ground to the moment it sits on your finger.
This tracking system as designed by WebTiga works hand-in-hand with the GIA or the Gemological Institute of America—a 3rd-party diamond certification institute widely renowned for its expertise in grading diamonds according to the 4Cs.
As such, each graded diamond will be inscribed with a matching serial number that is laser etched onto the diamond’s surface. This number matches with its certification and gives the wholesaler, distributor, retailer, and valuable information such as the origins of the stone and how it was procured.
