Chow Tai Fook Jewellery Group has joined blockchain platform Tracr.
This is currently in pilot phase with the aim of creating a tamper-proof, immutable record of a diamond’s journey throughout the full value chain. The platform is being developed by De Beers Group with support from BCG Digital Ventures. In May, the former announced an industry first, successfully tracking 100 high-value diamonds along the value chain on Tracr.
Kent Wong, Managing Director, Chow Tai Fook Jewellery Group, says: “Authenticity, provenance and traceability are increasingly important in the jewellery sector, particularly for consumers who pursue to know the jewellery they purchase supports their values and expectations. We are thrilled to join the pilot led by De Beers Group and are committed to continuing to be a leader in uplifting consumer experience and confidence. We believe that our participation in Tracr will help ensure we are at the forefront of this important issue.”
Jim Duffy, General Manager, Tracr, comments: “It’s encouraging to see Chow Tai Fook recognise the transformative potential of Tracr as we work to help increase trust throughout the diamond industry. Their participation will help to ensure that Tracr meets the needs of all types of businesses in a range of different geographies. This is critical to our objective of establishing traceability, provenance and authenticity for the diamond industry, which consumers and businesses alike have told us is the new standard they are looking for.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.