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De Beers Taps Blockchain for Diamond Tracking
Dec 4, 2017 7:38 AM
By Rapaport News
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RAPAPORT... De Beers is investing in blockchain technology that will
enable the industry to trace a diamond’s entire transaction history.
In a blockchain, a database stores every transaction that
takes place, as well as the order in which the deals occur, who is involved,
and what the nature of the activity is. This allows for a secure, permanent digital
register of diamond purchases, creating a tamper-proof record of a stone’s path
through the supply chain, De Beers CEO Bruce Cleaver said in a blog post
Monday.
The new shared platform will be the first of its kind to
offer traceability along the entire diamond pipeline, Cleaver said. In particular,
it will make such verification possible without disclosing the deals’ details
to the wider public, keeping sensitive data confidential, he noted.
Being able to track a diamond across the world is
increasingly important to both consumers and the industry’s lenders, the CEO
explained, and technology is coming on the scene that can help the trade
respond to these new requirements “in ways that were previously unimaginable.”
De Beers still needs to do work on the project before it can
launch the platform, he added. A spokesperson said the company was planning to release further details in January.
“Imagine a world where the unique journey of a diamond, from
its beginnings as an unpolished gift of nature to its ultimate purchase as a
symbol of life’s most meaningful moments, can be captured in a way that is as
everlasting as the diamond itself,” Cleaver wrote.
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Tags:
Bruce Cleaver, De Beers, Diamond tracking, Rapaport, Rapaport News, supply chain, technology, traceability, tracing
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