Pioneering De Beers Blockchain Pilot Tracks Diamonds From Mine to Retail Outlet

De Beers Group, the main diamond mining and retail firm, introduced on Thursday its profitable monitoring of 100 high-value diamonds alongside the availability chain through the pilot for its business blockchain platform.

The corporate said that this milestone marks the primary time a diamond’s journey has been digitally tracked from a mine to its retail location.

“The Tracr mission staff has demonstrated that it will probably efficiently monitor a diamond by way of the worth chain, offering asset-traceability assurance in a approach that was not attainable earlier than,” mentioned Bruce Cleaver, CEO of De Beers Group, in a press release. “It is a vital breakthrough made achievable by the shut engagement of the pilot contributors who share our dedication to business progress and innovation. We glance ahead to sharing the platform with extra companions within the coming months and capturing their insights earlier than in the end making this know-how out there to the broader business.”

The platform, Tracr, is about to launch later in 2018 and will probably be open to the business. Tracr is meant to present shoppers with confidence that registered diamonds are pure and conflict-free, enhance visibility and belief throughout the business, and improve efficiencies all through the diamond worth chain.

5 main diamond producers – Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel – have collaborated with De Beers throughout Tracr’s improvement and performed a key position in creating the primary blockchain platform to span your entire diamond worth chain, the corporate mentioned.

Sevantilal Shah, chairman of Venus Jewel, mentioned the corporate is proud to be one of many first companions with Tracr.

“Proof of provenance is a key a part of Venus’ promise to its clients, and Tracr will probably be an integral a part of that promise,” Shah mentioned. “Collaborating within the pilot has been a profitable expertise and we glance ahead to supporting De Beers in elevating the usual for the diamond business.”

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