De Beers Tracks 100 Stones on Blockchain

RAPAPORT... De Beers has successfully traced the progress of 100 high-valuediamonds from mine to retail using its new blockchain platform. "Tracr" provides diamonds with a unique "Global Diamond ID" thatcontains information such as carat weight, color and clarity, as well asimages and provenance information, De Beers said Thursday. The system uploads further data at each stepthroughout the process. "The Tracr project team has demonstrated that it cansuccessfully track a diamond through the value chain, providingasset-traceability assurance in a way that was not possible before," said DeBeers CEO Bruce Cleaver. "This is a significant breakthrough, made achievableby the close engagement of the pilot participants, who share our commitment toindustry progress and innovation." De Beers launched the pilot in January, working with a smallnumber of participants, including Diacore, Diarough, Rosy Blue, KGK Group andVenus Jewel, which helped test the program. The goal was to create a secure, tamper-proof ledger recording transactions along every stage of thediamond's journey, thereby strengthening consumer confidence about stones' origins. "Technology has already significantly contributed toimproving transparency within the diamond industry," said Amit Bhansali,managing director of Rosy Blue. "Initiatives that use blockchain can drive thisprocess even further, as their implementation requires collaboration and trust-creationamong all industry stakeholders." De Beers intends to open the platform to a broader range ofparticipants over the next few months. After gathering feedback, the miner willlaunch the technology in full to the entire industry later this year.Image: De Beers