The two largest diamond mining groups in the world have announced the launch of joint testing of the Blockchain platform for asset tracking.
Alrosa, the second largest diamond producer in the world, will join the industry leader giant De Beers in the pilot testing of the Tracr program designed to track the entire path of precious stones from their initial production to final retail consumer.
Proof of origin
According to the Russian company’s press release, the system will provide proof of origin and tracking of diamonds and help customers and traders to confirm their authenticity.
In particular, Tracr is focused on providing consumers with confidence that registered diamonds are natural and conflict-free.
“Traceability is the key to the further market development,” said CEO of Alrosa Sergey Ivanov.
It helps to ensure consumer confidence and fill information gaps, allowing people to enjoy the product without any doubt about any ethical issues or artificial origin of stones.
“Alrosa is pleased to participate in Tracr testing, along with other market solutions. We believe that monitoring requires sectoral cooperation and complementarity in order to achieve a common goal.”
In its turn, De Beers CEO Bruce Cleaver pointed out that the volume of tracked diamonds is beneficial for the industry.
“The platform will provide significant benefits to consumers and the diamond industry’s participants,” he said.
De Beers announced the trial use of Blockchain technology to track diamonds last year when Cleaver marked that the technology would provide “a highly secure digital register” to store information about the stones.