- HB Antwerp is using blockchain technology to try and bring transparency to the diamond trade
- The company, which is working with the Botswanan government, aims to document the origin and journey of each diamond, responding to ethical sourcing demands
- The collaboration represents a shift towards value-added processes and local economic development in Botswana
In a groundbreaking step towards a transparent diamond industry, the Botswanan government and blockchain company HB Antwerp are using the technology to ensure full traceability for diamonds from mine to market. This partnership is a result of growing consumer demands for ethically sourced gems, with blockchain allowing every stage of a diamond’s journey to be securely documented. For Botswana, this innovation marks a shift toward greater autonomy in the diamond value chain, traditionally dominated by De Beers.
Blockchain and Traceable Sourcing
Launched in January 2020, HB Antwerp has been trying to promote the use of blockchain technology for the purpose of tracing diamonds. The company focused on Botswana as its initial target, and as a result, Botswana’s Okavango Diamond Company (ODC) will supply rough diamonds to HB Antwerp, where each gem’s path will be tracked using blockchain technology.
This innovation aims to authenticate the origin and handling of each diamond, appealing to a consumer base increasingly focused on ethical sourcing. HB Antwerp co-founder Rafael Papismedov told Fortune, “We’re setting a new standard for the industry, ensuring that consumers can trust the provenance of their diamonds in a way that was previously impossible.”
Redefining Botswana’s Role in the Diamond Trade
For decades, Botswana’s diamond industry has been tightly linked with De Beers, but the partnership with HB Antwerp allows the country to extend its involvement beyond mining to midstream activities such as cutting and polishing. This evolution aligns with Botswana’s strategic goal of maximizing revenue and creating jobs within its borders.
President Mokgweetsi Masisi has highlighted the partnership as a “step towards transforming Botswana’s role in the diamond industry,” emphasizing the nation’s shift toward self-reliance and industry leadership. Some Botswanan diamond mines are already part of an existing blockchain solution for diamond tracking, the London-based Tracr, of which De Beers is also a member.
