An Era of Sweeping Change in Diamond and Colored Stone Production and Markets

Abstract

The diamond, colored stone, and pearl businesses have witnessed unprecedented change since the turn of the 21st century. Not only have new markets for gems emerged around the world, but channels of distribution have also changed dramatically as a result of economic forces and political pressures. De Beers abandoned its single-channel seller role, which created-for the first time in over a century-a competitive rough diamond market. Political problems in Madagascar and a ban on gem exports from Myanmar disrupted supply channels for sapphire and ruby. And the proliferation of new sales avenues, through the Internet and TV, has given consumers much more information about gems and forever changed the way they buy them. The use of gems to subsidize bloody conflicts and repressive regimes has moved the trades to become more accountable, as concerns over terrorism and illicit trading have created a new legal environment. At the same time, a new class of consumers who value ethically, socially, and environmentally friendly products are making their demands known in the gemstone business.

Minerals Traceability Using Blockchain Algorithm: Vanadium Bearing Minerals. For Redox Batteries and Gemstones as SemiPrecious Commodity

“…One significant trend is the rising international demand for colored gemstones, such as sapphires and rubies [14].. This increased demand has led to the emergence of new sources of gemstones, including Madagascar, which has experienced artisanal and small-scale mining rushes [14].. Additionally, there is a growing movement among consumers who value ethically, socially, and environmentally friendly products, which has influenced the gemstone business [15].. These consumers are demanding transparent and sustainable supply chains [16]..…”

‘Constructing’ Ethical Mineral Supply Chains in Sub‐Saharan Africa: The Case of Malawian Fair Trade Rubies

“…There is growing consensus that immediate change could be facilitated in the supply chains of coloured gemstones such as ruby, which many consumers have come to understand have traditionally been sourced unethically. The potential for change is perhaps greatest in the United States, which currently accounts for 35 per cent of global retail sales of coloured gemstones, a position of dominance it has occupied for several decades (Shor and Weldon, ). There has long been widespread speculation about precious stones (emeralds, rubies and sapphires) being used by host governments to finance the purchasing of arms and munitions, and more recently, about gems such as tanzanite supporting terrorist groups such as Al‐Qaeda (see Schroeder, ).…”