Russia’s Alrosa (MCX: ALRS), the world’s top diamond miner by volume, announced that it will start implementing the OECD due diligence guidance for responsible supply chains of minerals from conflict-affected and high-risk areas.
In a press release, the company said that to improve the efficiency of this work and guarantee compliance, it has launched an internal diamond supply chain management system. The mechanism is based on the Regulations on Responsible Diamond Supply Chain Management recently approved by its executive committee.
According to Alrosa, the internal diamond tracking and traceability system applies to all the segments of the diamond supply chain. It allows the firm to provide its clients with the information not only on the country of origin but the region of origin of its rough and polished diamond production.
The system also guarantees that rough diamonds produced by Alrosa in different regions are not mixed in the process of sorting, valuation, cutting and polishing, and trading.
“As part of Alrosa obligations as a certified RJC member, we are very proud to launch our tailored diamond supply chain due diligence system,” Peter Karakchiev, head of international relations, said in the media brief.
“It marks the start of a process which we believe will positively contribute to ensuring that all Alrosa diamonds are produced in compliance with the high standards of responsible business conduct.”