Chow Tai Fook Joins De Beers Blockchain

RAPAPORT... De Beers has expanded its blockchain initiative into theAsian retail sector by signing up Chow Tai Fook, the largest diamond jeweler inthe region. Chow Tai Fook's participation will enable De Beers to extendthe reach of the Tracr diamond-tracking program into greater China and thewider Asian market, the companies said Wednesday. "Authenticity, provenance and traceability are increasinglyimportant in the jewelry sector, particularly for consumers who pursue to knowthe jewelry they purchase supports their values and expectations," said KentWong, managing director of Chow Tai Fook. Earlier this year, the jeweler partnered with the GemologicalInstitute of America (GIA) on a blockchain program to deliver digital gradingreports for its T Mark brand. Joining Tracr extends Chow Tai Fook's use ofblockchain to other collections. Its participation means Tracr now has theworld's two largest diamond retailers on board, after US giant Signet Jewelersjoined the project earlier this year. De Beers launched Tracr to provide a digital link across theentire supply chain from mine to retail, pitching it as an open platform forthe entire diamond industry. During the current pilot stage, it's working withRussian miner Alrosa and five diamond manufacturers, in addition to Signet andChow Tai Fook. "This will help accelerate Tracr's ability to fulfil itsmission of working with the industry to build a digital ledger that spans theentire diamond pipeline, helping to ensure the platform made by the diamondindustry meets the needs of all industry participants," De Beers said.Image: A Chow Tai Fook store in Hong Kong. (Shutterstock)