Conflict Minerals: The “Blood” Diamonds

Aug 6, 2018 | Mariela Naydenova, LeapRate
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After being applied in more than 20 different industries around the globe, it is no surprise that blockchain is now being used in the diamond industry. The diamond industry was and still is considered a monopoly, or lately, an oligopoly. And while diamonds are forever, so are the issues related to them, it seems. The most famous one is known as “blood diamonds”. Blood diamonds are diamonds that are mined in an illegal manner and then sold on the black market. The “home” of blood diamonds is Africa. What makes them “bloody” is that the revenues from selling such jewels go to war and terrorist funding.