“There has been huge interest from all the different players in the industry over the last month or two, since the conflict broke out, with regards to traceability,” Sarine Technologies CEO David Block told Rapaport Magazine in mid-May. “What used to be regarded as something that’s nice to have and maybe will happen in the future, people now understand this is something that is needed.”
De Beers unveiled an expanded version of blockchain platform Tracr during May, noting that the geopolitical situation had accelerated its plans. The company can now trace all of its diamonds to the jewelry retailer; the platform stores each stone’s specifications and gives it an identification number. Another traceability service that moved from its pilot phase to a full launch during the month was Belgium-based company iTraceiT. And earlier this year, the Gemological Institute of America (GIA) said it was developing a consumer-facing provenance program.
Meanwhile, the Rapaport Group banned Russian diamonds from its
RapNet trading platform, regardless of where they were manufactured.
Article from the Rapaport Magazine - June 2022. To subscribe click here.