OP ED ARTICLE – FUTURE OF DIAMONDS – War in Ukraine can boost importance of blockchain in diamonds supply chain

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By David Brough

Concerns that consumers may shun Russian-mined diamonds will drive up interest in blockchain services to track the supply chain.

Horror over Russia’s invasion of Ukraine will raise the likelihood of increased sanctions against Russian diamond mining.

Russia is a leading supplier of state-backed natural mined diamonds to the global jewellery industry.

Consumers could turn away in droves from diamonds if they suspect Russian-origin stones may be used to finance warfare.

Who would want to buy a diamond engagement ring if they thought the diamond might have contributed to financing bombing and destruction?
 
However, consumers tend not to know where the diamonds in their jewellery came from.
OP ED ARTICLE – FUTURE OF DIAMONDS – War in Ukraine can boost importance of blockchain in diamonds supply chain
Knowing diamonds’ origin
 
The best way to be sure that diamonds do not come from Russia, would be to introduce blockchain services to track the supply chain from mine to shop.

Diamond origins such as Canada, which is not involved in conflict, may become more popular.

A number of blockchain service providers have emerged, capable of creating immutable electronic ledgers of a diamond’s journey from a mine, as well as NFTs.

Such services will surely gather momentum in response to the outrage against Russia’s military onslaught in Ukraine felt by global citizens, including consumers of diamond jewellery.

(Disclaimer: Any opinions expressed in this article are solely those of the author.)