The De Beers Group has announced that it has successfully tracked 100 high-value diamonds along the value chain during the pilot of its industry blockchain platform.
An immutable and secure digital trail was created for a selection of rough diamonds mined by De Beers as they moved from the mine, to cutter and polisher, then through to a jeweller,
marking the first time a diamond’s journey has been digitally tracked from mine to retail.
The platform, called Tracr, is expected to launch later this year and will be open to the industry. Five leading diamond manufacturers – Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel – have been working with De Beers during the system’s development.
Bruce Cleaver, CEO of the De Beers Group, said: “The Tracr project team has demonstrated that it can successfully track a diamond through the value chain, providing asset-traceability assurance in a way that was not possible before.
“This is a significant breakthrough made achievable by the close engagement of the pilot participants who share our commitment to industry progress and innovation. We look forward to sharing the platform with more partners in the coming months and capturing their insights before ultimately making this technology available to the broader industry.”
Amit Bhansali, managing director of Rosy Blue NV, added: “Technology has already significantly contributed to improving transparency within the diamond industry. Initiatives that use blockchain can drive this process even further, as their implementation requires collaboration and trust creation among all industry stakeholders.”