On 5th May, De Beers, one of the leading diamond-producing company, plans to deploy the Tracr blockchain technology across its value chain to give blockchain-powered provenance for its diamond production. The programme will provide a secured and accurate record of diamonds from the origin to jeweller merchants, enabling them to have faith in the source of the diamonds they purchase.
De Beers, revealed the scale deployment of a blockchain-based diamond source platform. The TracrTM platform allows “sightholders” to “provide an accurate record of a diamond’s provenance, and jewellers to have faith in the source of the diamond they buy.”
According to a corporate statement, the platform’s scale debut comes roughly four years after De Beers began the R&D phase. In addition, the launch comes at a time when the company has already “registered one-quarter of its production by value on TracrTM in the first three weeks of the year in preparation for this first scale release.”
Bruce Cleaver, CEO of De Beers Group, stated in a statement how the blockchain enhanced confidence in an industry that has been accused of not doing enough to stem the flow of illicit diamonds.
Bruce Cleaver further went on to say that:
“TracrTM, which will enable the provision of provenance information from source to Sightholder to store on a secure blockchain, will underpin confidence in natural diamonds and represents the first step in a technological transformation that will enhance standards and raise expectations of what we are capable of providing to our end clients.”
With worries that illegally obtained diamonds are fueling violence, diamond-producing businesses such as De Beers have been under increased pressure to ensure that such stones do not enter established markets. Furthermore, as more end customers demand to know the origin of the jewellery they purchase, De Beers stated that it needed to implement “a technological step-change to match their expectations.”
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