De Beers Hires Tech Exec to Lead Blockchain

RAPAPORT... Tracr,De Beers' blockchain platform, has appointed technology executive Jim Duffy to runthe next phase of the project's development. Duffy (pictured) joins Tracr as general manager just as the platform is starting to grow inscale, the De Beers operation said Thursday. More than $100 million worth ofrough diamonds have gone onto the company's blockchain since the launch of thepilot in January 2018, it said. Beforethe move, Duffy led several technology start-ups, and has worked for largeglobal technology companies, as well as in the financial sector. He will runthe operational and commercial aspects of the Tracr venture, take charge of the strategyfor making it available to the industry, and manage its interactions with otherorganizations involved in the project. "Jim'sskills and experiences are the perfect fit for realizing the vision we have forTracr - a unique digital platform that will enhance long-term sustainabilityand deliver a range of benefits for the whole diamond industry," said NeilVentura, De Beers' executive vice president for strategy and innovation. DeBeers launched the idea of a blockchain for the diamond sector last year,presenting it as a way to provide mine-to-customer traceability for the entireindustry. In the coming months, Tracr will focus on bringing new strategicpartners into the pilot program, as well as making use of what the companyhas already learned from the test phase. Five diamond manufacturers arecurrently involved in the pilot alongside US retailer Signet Jewelers.