Botswana’s President, Mokgweetsi Masisi, strongly supports using blockchain technology in the diamond industry. He believes it can help make sure diamonds are sourced ethically and give consumers more information to make smart choices.
Botswana supports using blockchain for fair trade in diamonds.
Botswana is working really hard to make sure that their diamonds are being ethically produced. They are the second biggest producer of diamonds in the world. President Mokgweetsi Masisi supports using blockchain technology to make sure diamonds are ethically sourced and to encourage good practices in the diamond industry.
President Masisi said that blockchain’s unchangeable record is important because it gives consumers the confidence they want. “He said,”
“Blockchain technology keeps a permanent record and can make sure that the diamonds people buy are sourced in an ethical way. ” It helps people make smart decisions and promotes good practices in how products are made and sold.
De Beers, the biggest diamond seller, is using new technology called blockchain in the diamond business. In 2018, they started a test program to see if blockchain technology could be used to track where diamonds come from and where they are sold. Recently, De Beers allowed other companies to use its blockchain platform, Tracr. These companies include Brilliant Earth, the Gemological Institute of America (GIA), and the Gemological Science International (GSI).
Ensuring ethical diamond sourcing
De Beers’ Tracr platform aims to make sure diamonds are sourced ethically by providing a clear and reliable system for consumers and industry stakeholders. This new platform uses blockchain to help people track where diamonds come from. This makes sure that diamonds are sourced in an ethical way and not from any bad practices.
The Tracr platform is open and honest about how it works. This helps the mining industry to use responsible techniques that protect the environment and support fair trading that helps local communities.
Botswana has a lot of diamonds and is the second biggest producer of them in the world. Despite being surpassed by Russia in diamond production, Botswana is still dedicated to sourcing diamonds responsibly and ethically.
President Masisi said it is important for Botswana to show how to be honest and take care of others in the diamond business. We promise to make sure that diamonds are mined in a way that doesn’t harm the environment and to trade diamonds in a fair way that helps the people who live nearby.
Disclaimer: the information given is not advice on how to trade.
