De Beers launches diamond blockchain pilot

De Beers Group has launched a pilot that uses blockchain technology to provide a tamper-proof and permanent digital record for diamonds registered on the platform.

Following the success of an initial proof of concept trial, which resulted in a working prototype, a pilot is now underway involving a small number of participants. The pilot will assess how the platform can be integrated with existing systems and processes, in advance of a full launch later this year.

Once fully established the blockchain will operate as an open platform, on top of which a range of applications that benefit the industry can be built.

Bruce Cleaver, De Beers CEO, said: “We are very excited about this initiative and the benefits it could deliver across the diamond value chain, from producers through to retailers and consumers.

“We look forward to continuing to engage with industry stakeholders as we progress development of the platform over the coming months.”