Rob Bates Gives 8 Reasons Why The Industry Needs a Chain of Custody

27/06/2015 10:36

In an extensive analysis, JCK News Director Rob Bates argues the diamond industry needs to get better control of its supply chain, and sums up eight good reasons to do so. Firstly, Bates argues, issues regarding social responsibilty aren't a temporary phenomenon. If anything, social issues will become an even hotter topic in the future. Secondly, tomorrow's customers - the Millennials - are taking social issues seriously; ignoring them is not an option. In addition, younger consumers are immune to the concept that being engaged automatically implies getting that diamond ring, which reigned successfully for over half a century. Furthermore, being socially responsible is about much more than a sales pitch, Bates says, and responsible sourcing should be the ultimate goal. The fact all the big companies are already on board demonstrates supply chain custody is a necessity. And then there's government, increasingly putting pressure on companies through legislation, and an increasing risk they will enforce those laws effectively. Lastly, recent reports on undisclosed synthetics and treated diamonds are a good argument to get better control on our ethics. Above all, Bates says, the industry would be foolish to reject the outstreched hand of otherwise hostile organisations that are willing to collaborate on fixing a potentially serious problem.