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Tracr Limited and Sarine Technologies Limited have announced the signing of a collaboration agreement that enables each party to offer verification services for tracing diamonds from their source.
Tracr is a fully distributed diamond blockchain platform enabling the registration of rough diamonds at source while Sarine technologies specialises in precision technologies across the diamond pipeline.
The collaboration will enable algorithmic matching of diamonds at scale, starting from the source.
Both parties will use their respective capabilities to increase process efficiency and reduce the need for duplicate processes by existing participants.
Utilising Tracr’s blockchain technology, Sarine’s diamond scanning solutions, and both companies’ sophisticated diamond identification and matching algorithms, the collaboration will create an interface between Tracr’s platform and Sarine’s cloud.
By enabling the option of registering their diamonds’ data businesses will be able to have their diamonds benefit from objective verification.
Wesley Tucker, CEO of Tracr, said: “We believe this collaboration will deliver a step change in traceability and provenance assurance in the diamond industry. By enabling the connection between our blockchain technology and Sarine’s advanced precision technology, we are creating a new, cost-effective and highly scalable solution that can be implemented at pace.
“It has been great to work with Sarine on developing a solution that is both innovative and practical, and we see huge potential for it – both for meeting rapidly evolving consumer expectations and in support of the fast-changing regulatory landscape.”
David Block, CEO of Sarine Technologies, added: “We believe that this cooperation will greatly enhance the much-needed ability to trace diamonds to their source, providing the industry with greater transparency and the consumers with heightened confidence.
“It has been a pleasure working with the Tracr team on this initiative, and we look forward to supporting our customers in implementing these capabilities to enhance their operations.”
