The diamond industry must re-invent its supply chain and move on from traditional Sights and tenders in favor of new technology, says Lucara boss Eira Thomas.
The COVID-19 pandemic and resulting travel bans have highlighted the need for paradigm shift, she argues in an open letter release yesterday.
“We can no longer harken back to a past era and unwisely cling to processes that haven’t changed in generations,” says Ms Thomas (pictured), president and chief executive officer of Canada-based Lucara, which operates the Karowe mine in Botswana.
“I have been in the industry for over 25 years and I believe the best is still yet to come, but we must change our ways and we must move forward.”
Lucara launched its own online platform for rough sales in November 2018, uploading a digital fingerprint of each stone and matching them to the requirements posted by buyers.
She says the ability to freely travel will be severely affected for the next 18 to 24 months, and references Clara as the foundation for a more robust paradigm and a brighter future.
“In the existing sales model, parcels are inspected in person before they are purchased, which requires industry participants to travel to global diamond hubs regularly. This will not be possible in our near future and the industry must find alternate solutions.”
Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.
