Podcast: Behind De Beers’ Strategy

RAPAPORT… The digital drive influencing the diamond industry is only going to intensify, stressed Neil Ventura, the company’s vice president of strategy and innovation, urging the trade to embrace these developments or risk being left behind.

As head of De Beers Ignite, the business unit charged with formulating the company’s strategy, Ventura outlined the company’s approach to innovation and building new ventures in the latest episode of the Rapaport Diamond Podcast.

In a discussion with Rapaport Senior Analyst Avi Krawitz, the executive gave perspective on how some of its projects fit into the broader De Beers business model. These include GemFair, which aims to help artisanal miners bring their product to market; Lightbox, its synthetic diamond brand; and its blockchain program Tracr. Ventura also provided an update on the blockchain initiative, explaining why the company shifted from its initial plan for an industry-wide platform to a focus on the De Beers supply chain.

Listen to the podcast here:

Discussion points:

00:34 – Introduction
01:47 – Neil gives some surprising tidbits about his background.
04:00 – A bit about Ignite and its approach to building strategy at De Beers.
10:30 – Avi asks what forces are driving that innovation.
18:03 – Neil explains the impact innovation is having on the supply chain and how the industry operates.
25:04 – The two discuss the recent change in direction at Tracr.
31:44 – Neil gives context to the GemFair and Lightbox programs.
36:46 – Avi asks about the extent to which rough production is being impacted by or influencing De Beers’ strategy.

This episode of the Rapaport Diamond Podcast is sponsored by De Beers Group Ignite: pioneering a new diamond world through innovation.