Enhancing Diamond Traceability : The Importance of Location and Supply Chain Segmentation
Effective diamond traceability is essential for ensuring transparency and integrity within the industry. Establishing clear connections between each iTraceiT domain or license and its corresponding location in the supply chain is key to accurately monitoring the journey of diamonds from their source to market. Failure to do so can lead to complexities and hinder the ability to provide a comprehensive overview of the diamond's trajectory.
1. The Significance of Clear Connection
It is imperative that every iTraceiT domain or license within the diamond supply chain is associated with a specific location and segment of the supply chain. This linkage enables stakeholders to gain valuable insights into the origin, processing, and distribution of diamonds, thereby facilitating transparency and accountability.
2. Challenges of Multiple Supply Chain Links
The involvement of a customer in multiple parts of the supply chain introduces complexities. Maintaining transparency becomes challenging as each movement must be accurately accounted for. Failure to accurately track these movements can undermine the credibility of the traceability process.
3. Addressing Complexity with Multiple Licenses
In instances where a customer engages in various supply chain activities, such as manufacturing and trading rough diamonds, the use of multiple licenses becomes necessary. For example, distinct licenses may be required for manufacturing and trading rough diamonds to ensure comprehensive tracking and documentation of each activity.
4. Recognizing Each Diamond's Unique Journey
Each diamond follows a unique path, and the movement of each parcel is significant. To effectively monitor this flow and ensure transparency, it is essential to segregate iTraceiT licenses based on location and the specific role within the supply chain. Comprehensive diamond traceability hinges on establishing clear connections between domains/licenses, locations, and segments of the supply chain. By adopting a strategy that emphasizes the importance of location and supply chain segmentation, the industry can enhance transparency, mitigate complexities, and foster trust among stakeholders.