Signet Joins De Beers' Blockchain Trial

RAPAPORT... Signet Jewelers will become the first retailer to participate in De Beers'blockchain project for tracking diamonds. The platform, Tracr, which is still in its trial phase, providesa digital link from diamond production to retail. Every diamond on the blockchainwill carry a digital certificate storing its key attributes and transactions,enabling consumers to know that a stone is natural and conflict-free, DeBeers said Thursday. Signet's involvement will enable the trial to expand from largediamonds, its initial focus, to smaller stones and jewelry, the miner added. "Tracr is focused on bringing the benefits of blockchaintechnology to the full diamond value chain, providing consumers withconfidence, the trade with increased efficiency and lower costs, and lenders tothe industry with greater visibility," said De Beers CEO Bruce Cleaver. "Signethas deep insights into the needs of consumers, and our collaboration willensure that consumers remain the focus of Tracr." Signet, which owns Kay Jewelers, Zales and Jared, will work alongside the Tracr team to ensure the platformmeets the needs of both the manufacturing and the retail sectors, De Beerscontinued. The miner partnered with BCG Digital Ventures to develop the program,which will launch later this year, and has already successfully tracked 100 high-valuediamonds from mine to retail. De Beers has also been working with diamond manufacturersDiacore, Diarough, KGK Group, Rosy Blue and Venus Jewel during the developmentstage. "Responsible sourcing of diamonds has always been an integral partof Signet's corporate ethos, and this will be further strengthened through ourcooperation with Tracr," Signet CEO Virginia Drosos added.