Signet Jewelers joins De Beers Group blockchain pilot

The world’s largest diamond jewellery retailer, Signet Jewelers, has signed on with De Beers Group’s 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 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.

Bruce Cleaver, CEO, De Beers Group, says: “Tracr is focussed on bringing the benefits of blockchain technology to the full diamond value chain, providing consumers with confidence, the trade with increased efficiency and lower costs, and lenders to the industry with greater visibility. Signet has deep insights into the needs of consumers, and our collaboration will ensure that consumers remain the focus of Tracr.”

Virginia C. Drosos, CEO, Signet Jewelers, comments: “Responsible sourcing of diamonds has always been an integral part of our corporate ethos, and this will be further strengthened through our cooperation with Tracr. We are joining the pilot because we believe the project not only has strong potential to facilitate increased transparency and confidence within the industry, but it can also foster much-needed digital transformation.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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