Blockchain Technology Can Guarantee to Consumers ‘That Their Diamonds Have Been Ethically Sourced’ — Botswana President
Botswana president Mokgweetsi Masisi recently touted
blockchain technology as an innovative solution which can
help the global diamond industry eradicate so-called blood diamonds. Masisi argued that by using this technology, the global diamond industry is able to prove to stakeholders that diamonds in formal markets are sustainably sourced.
In his speech at a recently held meeting of diamond industry stakeholders, Masisi argued that the
global diamond industry’s objective of achieving sustainable diamond mining requires investment in research and innovation. He suggested that when such investments are made, they not only
“minimize the impact on the environment” but also help to remove blood diamonds from official markets.
To curb the role of these diamonds in fueling conflicts in Africa, major global diamond-producing countries including Botswana agreed to a system of certifying the gemstones. However, more than a decade after the so-called
Kimberley Process Certification Scheme came into force,
blood diamonds are still reportedly finding their way to global markets.
However, according to
Masisi, it is only through innovations such as blockchain that diamond-producing countries
“can address these challenges and build a more sustainable, responsible, and prosperous diamond industry.”
