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Signet Joins De Beers’ Blockchain Trial

May 27, 2018 3:47 AM   By Rapaport News
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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, provides a digital link from diamond production to retail. Every diamond on the blockchain will carry a digital certificate storing its key attributes and transactions, enabling consumers to know that a stone is natural and conflict-free, De Beers said Thursday.

Signet’s involvement will enable the trial to expand from large diamonds, its initial focus, to smaller stones and jewelry, the miner added.

“Tracr is focused on bringing the benefits of blockchain technology to the full diamond value chain, providing consumers with confidence, the trade with increased efficiency and lower costs, and lenders to the industry with greater visibility,” said De Beers CEO Bruce Cleaver. “Signet has deep insights into the needs of consumers, and our collaboration will ensure that consumers remain the focus of Tracr.”

Signet, which owns Kay Jewelers, Zales and Jared, will work alongside the Tracr team to ensure the platform meets the needs of both the manufacturing and the retail sectors, De Beers continued. The miner partnered with BCG Digital Ventures to develop the program, which will launch later this year, and has already successfully tracked 100 high-value diamonds from mine to retail. De Beers has also been working with diamond manufacturers Diacore, Diarough, KGK Group, Rosy Blue and Venus Jewel during the development stage.

“Responsible sourcing of diamonds has always been an integral part of Signet’s corporate ethos, and this will be further strengthened through our cooperation with Tracr,” Signet CEO Virginia Drosos added.
Tags: BCG Digital Ventures, Blockchain, Bruce Cleaver, De Beers, Diacore, Diarough, digital certificate, KGK Group, Rapaport News, rosy blue, Signet, Signet Jewelers, traceability, tracking, Tracr, Venus Jewel , Virginia Drosos
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