EconomyRetailers

Signet jewellers joins De Beers blockchain platform Tracr

The collaboration will focus on developing jewellery-tracking capabilities and extending the platform’s reach

Signet Jewelers will be the first retailer to join Tracr, an end-to-end diamond blockchain being developed by the De Beers group in collaboration with the diamond industry.

A project team at Signet will work alongside the Tracr team to ensure the platform meets the needs of the jewellery manufacture and retail sectors, with the partnership initially focusing on the tracking of diamond jewellery and expanding the pilot’s scope to cater for smaller-sized goods.

Digital certificates are created by the Tracr programme for each diamond registered on the platform, storing its key attributes and transactions. This will enable retailers to provide consumers with confidence that their diamond is natural, conflict-free and has been tracked across the value chain.

Bruce Cleaver, CEO at De Beers, said: “We are delighted to welcome Signet to the Tracr pilot programme. Tracr is focussed 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.

“Signet has deep insights into the needs of consumers, and our collaboration will ensure that consumers remain the focus of Tracr.”

Virginia Drosos, CEO of Signet Jewelers, added: “We are joining the Tracr pilot because we believe the project not only has strong potential to facilitate increased transparency and confidence within the industry, but it can also foster much-needed digital transformation.

“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.”

Back to top button