Based on the president of Botswana, blockchain is likely one of the progressive options that the worldwide diamond trade can use to make sure “blood diamonds” are excluded from formal markets. Utilizing blockchain not solely assures customers but in addition allows them “to make knowledgeable decisions and encourages accountable practices all through the provision chain.”
Minimizing Impression on the Surroundings
Botswana president Mokgweetsi Masisi lately touted blockchain know-how as an progressive resolution which may also help the worldwide diamond trade eradicate so-called blood diamonds. Masisi argued that through the use of this know-how, the worldwide diamond trade is ready to show to stakeholders that diamonds in formal markets are sustainably sourced.
In his speech at a lately held assembly of diamond trade stakeholders, Masisi argued that the worldwide diamond trade’s goal of attaining sustainable diamond mining requires funding in analysis and innovation. He recommended that when such investments are made, they not solely “reduce the influence on the setting” but in addition assist to take away blood diamonds from official markets.
Remarking on blockchain’s possible influence on the worldwide diamond trade, Masisi mentioned:
“Transparency and traceability are important elements within the assurances that we as diamond-producing nations should present to our international clients. Blockchain know-how, with its immutable ledger, can present customers with the assure that their diamonds have been ethically sourced. It empowers customers to make knowledgeable decisions and encourages accountable practices all through the provision chain.”
Constructing a Affluent Diamond Business
Based on a United Nations definition, blood diamonds aka battle diamonds, confer with any diamond which is extracted in areas managed by forces against legit, internationally acknowledged authorities. Revenues from such diamonds have up to now been utilized by some African warlords to fund their actions.
To curb the function of those diamonds in fueling conflicts in Africa, main international diamond-producing nations together with Botswana agreed to a system of certifying the gems. Nevertheless, greater than a decade after the so-called Kimberley Course of Certification Scheme got here into pressure, blood diamonds are nonetheless reportedly discovering their option to international markets.
Nevertheless, in keeping with Masisi, it’s only by means of improvements resembling blockchain that diamond-producing nations “can handle these challenges and construct a extra sustainable, accountable, and affluent diamond trade.”