Russia’s Alrosa has joined the Tracr blockchain platform.
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 and is expected to launch later this year. In May, De Beers Group announced an industry first, successfully tracking 100 high-value diamonds along the value chain on Tracr.
“To provide true traceability, diamonds must be tracked from their point of production,” says Bruce Cleaver, CEO, De Beers Group.
“We are delighted that Alrosa has joined the Tracr pilot, as the collective efforts of the world’s two leading diamond producers will enable more of the world’s diamonds to be tracked on their journey from mine to retail. Having a critical level of production on the platform will deliver significant benefits for consumers and diamond industry participants.”
Sergey Ivanov, CEO, Alrosa adds: “Traceability is the key to further development of our market. It helps to ensure consumer confidence and fill information gaps, enabling people to enjoy the product without any doubts about ethical issues or undisclosed synthetics. Alrosa is glad to participate in testing Tracr, along with other market solutions. We believe tracing requires industry cooperation and complementation for the sake of a common goal.”
Earlier this year, we reported that the world’s largest diamond jewellery retailer, Signet Jewelers, was onboard with Tracr. Further details here.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.