The digital drive influencing the diamond industry is only going to intensify, stressed Neil Ventura, the company’s vice president of strategy and innovation, urging the trade to embrace these developments or risk being left behind.
As head of De Beers Ignite, the business unit charged with formulating the company’s strategy, Ventura outlined the company’s approach to innovation and building new ventures in the latest episode of the Rapaport Diamond Podcast.
In a discussion with Rapaport Senior Analyst Avi Krawitz, the executive gave perspective on how some of its projects fit into the broader De Beers business model. These include GemFair, which aims to help artisanal miners bring their product to market; Lightbox, its synthetic diamond brand; and its blockchain program Tracr. Ventura also provided an update on the blockchain initiative, explaining why the company shifted from its initial plan for an industry-wide platform to a focus on the De Beers supply chain.