De Beers’ GemFair Marks 10,000th Diamond Purchase

De Beers’ GemFair program has purchased its 10,000th diamond since launching in 2018, the company announced last week, hailing it as a milestone in its efforts to promote responsible sourcing in the artisanal-mining sector.

The GemFair initiative, which began in Sierra Leone’s Kono region, aims to formalize artisanal and small-scale mining by raising standards, increasing traceability and offering miners fair value for their diamonds. Since its formation, GemFair has expanded from 14 participating mine sites to over 400, creating more than 6,000 jobs, De Beers reported.

So far this year, there’s been a 68% increase in diamond purchases through the program. For 2023, the increase was 77%.

The program’s efforts bring “benefit to miners, their communities and the industry at large,” said De Beers Group CEO Al Cook. As an industry leader, De Beers “can play an important role in transforming consumer perceptions of artisanal diamonds and transforming livelihoods across Africa.”

Earlier this year, GemFair purchased a 69.3-carat diamond, its largest to date. De Beers registers more than 90% of the program’s diamonds by value on its Tracr platform, which makes them trackable throughout the supply chain.

GemFair has also introduced programs to improve environmental practices. It has reclaimed 12 abandoned mine sites since 2020, according to De Beers, repurposing them for agricultural use to give local communities an alternate source of income.

“We’ve learned a lot over the past six years and have continued to evolve GemFair to maximize its impact for as many miners as possible,” said Feriel Zerouki, De Beers’ senior vice president of provenance, ethics and industry relations. She highlighted the “confidence miners have in the program,” as well as their “eagerness to work alongside our team.”

Image: A diamond discovery at the Gemfair site in Kono, Sierra Leone. (De Beers)