Ramat Gan: With the increasing demand in the marketplace for diamonds that are verifiably compliant with ethical sourcing principles, UNI Diamonds has announced the introduction of new online feature, by which users will be able limit their search of its aggregated inventory to stones that meet the requirement of two of the industry’s most stringent responsible sourcing standards.
As part of the new feature, every diamond listed in UNI’s inventory will now indicate whether the stone was supplied by companies that are compliant with the Responsible Jewellery Council’s Code of Practices (RJC COP) and/or De Beers’ Best Practice Principles (BPP). Both standards are aligned with the OECD Due Diligence Guidance, and to achieve compliance the companies are required to have their supply chains independently monitored and audited.
Despite rising consumer demand for verifiably responsibly sourced diamonds, it has often been frustratingly difficult to search for and locate such merchandise, particularly when working with multiple suppliers. This will now become immediately possible for all those using the UNI applications.
“Supply chain transparency, enabled through the use of industry-wide data, will enable our amazing industry to reach newer heights,” said Mahiar Borhanjoo, UNI’s CEO. “Consumer and retailer demand for RJC COP-compliant and BPP-compliant merchandise is increasing exponentially, and UNI Diamonds is able to make locating such goods and acquiring them considerably easier and more efficient.”
“On the UNI platform we manage nearly one million diamonds from top manufacturers globally, openly sharing sourcing information with more than 2,000 customers and retailers worldwide,” Borhanjoo continued. “We believe that using the data that the industry has entrusted us with helps us support the entire diamond value chain, bringing more transparency to the trade. Selling a diamond becomes simpler when UNI is the conduit between the supplier and the retailer. Clearly stated, we simplify diamond sales!”
The responsible sourcing standards compliance feature is the latest in a rich suite of sales tools and services developed by UNI. In addition to information about the origin and provenance of the diamonds on offer, customers are also provided free shipping and insurance, and free memo services for all goods requested. The online inventory is updated throughout the day. An augmented reality application allows customers to visualize actual diamonds on their hands, ears or neck. At the same time, UNI draws on its massive data resource, generated by thousands of real-time requests and sales, to provide up-to-date market analysis to buyers and sellers, so they can make insightful pricing decisions based on demand and price trends.