De Beers Tracks 100 Stones on Blockchain

RAPAPORT…
De Beers has successfully traced the progress of 100 high-value
diamonds from mine to retail using its new blockchain platform.

“Tracr” provides diamonds with a unique “Global Diamond ID” that
contains information such as carat weight, color and clarity, as well as
images and provenance information, De Beers said Thursday. The system uploads further data at each step
throughout the process.

“The Tracr project team has demonstrated that it can
successfully track a diamond through the value chain, providing
asset-traceability assurance in a way that was not possible before,” said De
Beers CEO Bruce Cleaver. “This is a significant breakthrough, made achievable
by the close engagement of the pilot participants, who share our commitment to
industry progress and innovation.”

De Beers launched the pilot in January, working with a small
number of participants, including Diacore, Diarough, Rosy Blue, KGK Group and
Venus Jewel, which helped test the program. The goal was to create a secure, tamper-proof ledger recording transactions along every stage of the
diamond’s journey, thereby strengthening consumer confidence about stones’ origins.

“Technology has already significantly contributed to
improving transparency within the diamond industry,” said Amit Bhansali,
managing director of Rosy Blue. “Initiatives that use blockchain can drive this
process even further, as their implementation requires collaboration and trust-creation
among all industry stakeholders.”

De Beers intends to open the platform to a broader range of
participants over the next few months. After gathering feedback, the miner will
launch the technology in full to the entire industry later this year.

Image: De Beers