De Beers traces 100 high value diamonds through "industry first" blockchain platform
100 diamonds have been successfully traced along the value chain through innovative “game-changing” blockchain technology.
De Beers Group has announced this week that it had successfully traced 100 high value diamonds from mine to retail in an industry first.
The company has been piloting its Tracr platform, which is a blockchain solution that will provide consumers with confidence that registered diamonds are natural and conflict free, improve visibility and trust within the industry and enhance efficiencies across the entire diamond value chain.
As diamonds travel along the value chain, they are tagged with a unique Global Diamond ID on Tracr. Tracr then stores individual diamond attributes including carat, colour and clarity which is compiled together through the integration of participants existing record keeping systems.
This creates an “immutable digital trail for each physical diamond, assuring its provenance and traceability from rough to polished.”
De Beers has been working with a number of leading diamond manufacturers from around the world, including Diacore, KGK Group and Venus Jewel, during the development of the Tracr platform.
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Bruce Cleaver, CEO, De Beers Group, said: “The Tracr project team has demonstrated that it can successfully track a diamond through the value chain, providing asset-traceability assurance in a way that was not possible before. This is a significant breakthrough made achievable by the close engagement of the pilot participants who share our commitment to industry progress and innovation. We look forward to sharing the platform with more partners in the coming months and capturing their insights before ultimately making this technology available to the broader industry.”
Sevantilal Shah, Chairman of Venus Jewel, said: "Venus Jewel is proud to be one of the first partners in Tracr. Proof of provenance is a key part of Venus' promise to its customers, and Tracr will be an integral part of that promise. Participating in the pilot has been a successful experience and we look forward to continuing with the programme and supporting De Beers in raising the standard for the diamond industry.”
