GemFair, De Beers Group’s pioneering initiative to promote responsible sourcing in the artisanal diamond mining sector, has purchased its 10 000th diamond since launching in 2018. The programme aims to raise mining standards, ensure fair value for miners, and provide a secure, traceable route to market for responsibly sourced diamonds.
Since its inception, GemFair has grown from just 14 participating mine sites to over 400, supporting more than 6 000 jobs. Its purchase volume rose 68 per cent this year, following a 77 per cent increase in 2023. In a record transaction earlier this year, GemFair acquired its largest diamond – an impressive 69.3-carat stone. In addition, over 90 per cent of diamonds by value are registered on the Tracr platform to enable traceability.
Though De Beers does not operate in artisanal mining, the sector makes up 10 per cent of the global diamond supply by value and is a crucial livelihood for millions in impoverished regions. De Beers launched GemFair to support this industry, offering training in business, mining, and environmental practices. The programme educates miners on diamond valuation, guarantees fair purchases from registered sites, and ensures traceability for responsibly sourced diamonds.
The programme is crucial in Sierra Leone’s Kono region, where it was launched, to help rebuild artisanal mining operations after the country’s civil conflict. Beyond diamond purchases, GemFair also addresses community needs through mine reclamation projects. Since 2020, 12 abandoned mines have been transformed into agricultural land, promoting food security and new income streams for local communities.
Al Cook, CEO of De Beers Group, emphasised the programme’s impact. GemFair helps raise standards and improve transparency within the artisanal diamond sector, benefiting miners, their communities, and the broader industry. Meeting participants on a recent visit to Sierra Leone reaffirmed the value of this initiative in transforming livelihoods.
Feriel Zerouki, De Beers’ Senior VP of Provenance and Ethics, highlighted the trust GemFair has built with miners, noting their partners’ confidence in the programme. “I look forward to the next chapter in GemFair’s journey as we identify further opportunities to bring these beautiful diamonds with an equally beautiful story to consumers around the world.”
GemFair’s forward finance initiative and reclamation efforts demonstrate its commitment to sustainable practices, creating long-term value for artisanal miners and their communities.
