Designers

De Beers partners with Tracr blockchain platform

The group said the introduction of Tracr at scale ‘delivers immutable information on the source of De Beers’ diamonds across the value chain and makes source assurance for 100% of De Beers’ production possible’

De Beers Group has announced it is deploying the Tracr blockchain platform at scale for its diamond production.

The group said the introduction of Tracr at scale “delivers immutable information on the source of De Beers’ diamonds across the value chain and makes source assurance for 100% of De Beers’ production possible”.

The Tracr platform combines distributed ledger technology with advanced data security and privacy, which it said “ensures that participants control the use of and access to their own data”.

First launched in a research and development phase in 2018, De Beers has already registered one quarter of its production by value on Tracr in the first three Sights of the year in preparation for this first scale release.

Bruce Cleaver, CEO, De Beers Group, said: “De Beers discovers diamonds with our partners in Botswana, Canada, Namibia and South Africa and, with our long-term investment in Tracr, we are proud to join with our Sightholders to provide the industry with immutable diamond source assurance at scale.

“Tracr, which will enable the provision of provenance information from source to Sightholder to store on a secure blockchain, will underpin confidence in natural diamonds and represents the first step in a technological transformation that will enhance standards and raise expectations of what we are capable of providing to our end clients.”

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