I try to follow my own path
Diamond Counsellor International (DCi) is one of an exclusive group of operators that few in the diamond industry are aware of, but without whose services almost none would be able to function. Working as consultants to diamond-producing countries, rough producers and the financial sector, they evaluate newly mined diamonds, placing an initial value on the stones entering the chain of distribution, and also train evaluators in various countries.
Their ability to operate is wholly dependent on the immense pool of experience and knowledge they bring to the table, but also their independence, for it is a critical that all parties respect the evaluations as being non-partisan, and solely reflective of market demand. These ultimately help set revenues and profits, royalties and taxes, and funds made available for national investment and government budgets.
British-born Benjamin Marriott is part of DCi’s second generation, joining the company that was co-founded in 1970 by his father Martyn, who today serves as Chairman, and Milos Vainer. DCi has held contracts in Botswana and Namibia, and is active today in Angola, Sierra Leone, Liberia and Guinea. In June 2017, DCi was appointed by the KP Monitoring Team and the Government of Central African Republic (CAR) to audit the rough diamond stockpile held in Bangui. It currently handles about 20 percent of all rough diamond evaluations worldwide.
Ben, who today is DCi’s Managing Director and a Senior Valuer, joined the company 22 years ago, after training at a number of diamond firms in London and Antwerp. He has worked extensively in Angola, Canada, Sierra Leone and Brazil. He has been actively involved in the World Diamond Council and its Kimberley Process Task Force for more than five years, first attending KP Plenary meeting in India in 2019.
Ben also is a driving force behind eValuer, an online independent rough diamond valuation and price list platform, providing up-to-date prices of rough goods in 2,990 categories, collating information received from $2 billion worth of assortments per annum, including data collected yearly from $1.5 billion worth of tenders. It currently is in use in 12 countries and is commercially available on a subscription basis.
What makes the diamond special?
It’s easy to simply give the stock answer, which is that geologically and gemologically diamonds are special because they are hard, ancient, comprised of a single element, or that they are shiny, beautiful and emblematic of love. And I do like the Mohs hardness scale, whereby if you were to line up minerals from softest to hardest, you’d have baby soft talc at one end, quickly followed by gypsum through to the much tougher topaz and corundum in a staccato succession, all grouped fairly close together. You’d have to travel a long way along this axis to find diamond, which is four times harder than corundum, the next hardest.
But I’m neither a geologist nor a gemologist. In the hand, rough diamonds do have a tactility and coolness that is attractive, and valuing them involves searching inside for flaws and imperfections, which is endlessly fascinating. And polished have a sparkle and depth that is unmatched by other gems.
The value of diamonds is something that makes them special and unique. The fact that a parcel of a few small stones can equate to the value of a family home means that diamonds hold a special, and a dangerous place in our history. Diamonds have been a safety net for oppressed and displaced people in the past, but also a scourge of the vulnerable, persecuted by the greedy and power hungry.
What makes the diamond industry special?
This answer to that is tied up in my response to the first question. But at its heart it is people. The industry is full of stories – individuals toiling in artisanal mines for subsistence wages; engineers working in highly technological environments, polishers at a wheel; the romance of a newly engaged couple, even the families arriving in Antwerp from all over Europe with nothing but a small parcel of stones with which to start a new, safer life.
I choose to see the positive in the diamond industry.
What makes your company so special?
I wear two hats at the moment, in eValuer and Diamond Counsellor international (DCi), although the idea is that the former will replace the latter.
eValuer is an incredibly exciting innovation in the industry – it is an online rough diamond pricing platform, based on actual market data, that enables subscribers to follow rough diamond price movements across some 2,990 separate price points in the form of lists, indices and infographics, and therefore maximizing profits for all stakeholders from producer to manufacturer.
The idea was born from our work as DCi, a business started by my father, Martyn, and Milos Vainer in 1970. They left De Beers to assist the Botswanan government in establishing their diamond industry. Since then DCi has provided independent valuation and consultancy services to the governments of Angola, Namibia, South Africa, Lesotho, Sierra Leone, Liberia, Guinea, North West Territories and Quebec, as well international agencies and mining operations.
A hugely important part of our work has been skills transferal, and we are justifiably proud of our record of training local diamond professionals. We realize that in many cases the traditional model of expatriate valuers is an anachronism – most producing nations now have highly skilled diamond teams. But in many cases what they lack is market knowledge, and this is where eValuer comes in. It is already providing much needed data and analysis, in a number of producing countries, as well as assisting in the traceability process, and bridging the gap between mine and market.
Describe the first time you held and studied a diamond?
I think it must have been when I first went to Antwerp to learn the business, although it could well have been earlier. There was no Eureka moment I’m afraid.
But I have vivid memories of some of the very many special rough stones that I have been fortunate enough to view and value, including huge Type II As from Letseng and Lulo, vibrant Zimmis in Freetown and an extraordinary parcel of pinks from Argyle.
But equally memorable was a rough stone that I saw the other day that looked like an X-Box controller. So it’s always interesting.
Who is your role model?
It’s not something I’ve given a lot of thought to. I try to follow my own path. That said, obviously my father and my brother, who is some 11 years older than me and is my business partner. Both are highly respected in the industry and very skilled in their particular areas of expertise.
I also admire people who treat all others with kindness and respect, which I’d say is emblematic of my mother. I’m not religious, but the idea of doing unto others as you would have them do unto you seems a good way to live life.
What convinced you to pursue a career in the diamond industry?
It wasn’t originally on my radar. I graduated from university and tried out a few different things, but nothing really grabbed me.
I remember sitting with my father at dinner one evening and saying that everyone he worked with seemed to be very old. Didn’t they need some fresh blood? He tried to discourage me for a while, but I won him round.
What problems did you encounter as a newcomer to the industry?
I struggle to think of many. I have found the industry to be very welcoming on the whole.
I think youth was not necessarily respected 20-odd years ago, but there are many young diamantaires in the business now who are doing great things. The diamond business didn’t feel like a young man or woman’s game when I started out.
What are the most important things to take into account when guaranteeing the integrity of the diamond industry’s supply chain?
Verification! I should just say traceability, but I’m trying to think of something new.
Where was a diamond mined? What journey has it taken? Is it natural or synthetic? What is it’s quality? How much is it worth?
Traceability, trust, verification, they are all ways of saying the same thing.
Can diamonds be a force for good? How?
Absolutely. Natural diamonds are an essential part of the economy in many regions, providing much needed jobs in areas lacking in opportunities.
Money from larger diamond projects is also transferred into the local economy in the form of education, healthcare and employment. Many mining operations and manufacturers have charitable initiatives as well.
Botswana is clearly the gold standard for how diamonds can positively influence a country’s growth, creating wealth and opportunities for its people.
Why did you join the World Diamond Council?
The Kimberley Process is an absolutely essential pillar of the industry, and the WDC is a key factor in its continuing effectiveness.
My father was instrumental in the conception and implementation of the KP in the early 2000s. We have long established ties to both Angola and Sierra Leone, which at the time were the focus of the industry’s efforts. The KP played its part in halting the horrors that were taking place in both countries.
On a personal level, the WDC has proved a wonderful place to meet people from other areas of the industry. I have made some great friends.
If you weren’t in the industry, what would you like to do instead?
I’m slightly obsessed by “sliding door moments,” or the idea that there are countless branches or tributaries constantly opening up in all our lives, and the path our lives take is dictated by each tiny decision we make. In a parallel life there’s an artist me, or a rock star me.
But I wouldn’t change much. Diamonds have been very good to me, and eValuer is going to be transformative.
