The world has entered its fifth month of the COVID-19 pandemic, and the industry has already begun to feel the weight of its impact. The diamond industry, specifically, has leaned on technology and digital platforms to continue their sales and communication with retailers and consumers. Our CEO, David Block, spoke to Rapaport Senior Analyst Avi Krawitz in an insightful podcast about the various ways in which COVID-19 has accelerated the use of technology in the diamond supply chain, diminishing the fear that many in the industry had towards embracing innovation.
Would you agree with me that we have been seeing an embracing of technology within the industry?
Yes, no doubt about it, I think it’s different for different segments of the industry. The manufacturing segment has embraced technology very aggressively over the last decade or two, of Sarine’s technologies as well as others. There are other segments of the industry that need to do more, and do it faster, especially looking at the retail side, make the retail a lot more up-to-date with technology and today’s consumer. I think the biggest challenge is actually how the industry integrates technology to the end of the pipeline, and how do you actually create efficiencies along the pipeline, and not just at specific points along the pipeline.
Can you give me an example of how you would connect from mine to manufacturing to retail? How do you create those efficiencies and maybe give an example of what you’re working on?
One of the main projects that we’re doing is providing a traceability solution from the mine to the different layers alaong the pipeline all the way down to the retailer and the consumer itself. How? By using our technology that we have spread out over the last 30 years and exists in the pipeline, levering that technology in order to provide an additional added value and additional service to our clients.