De Beers Group’s end-to-end diamond industry blockchain traceability platform has lured Russian diamond miner Alrosa.
Tracr developed in collaboration with industry stakeholders has attracted Alrosa to join the platform’s pilot programme.
Media communiqué issued this week indicate that Alrosa will join industry leaders from the diamond manufacturing and retail sectors in creating the blockchain platform by the industry, for the industry.
The development brings the world’s two largest diamond producers – De Beers and Alrosa together to provide enhanced assurance for consumers and trade participants about the provenance and authenticity of their diamonds, and in creating a digital foundation for new services that can only be developed on an end-to-end platform.
“We are delighted that Alrosa has joined the Tracr pilot, as the collective efforts of the world’s two leading diamond producers will enable more of the world’s diamonds to be tracked on their journey from mine to retail. Having a critical level of production on the platform will deliver significant benefits for consumers and diamond industry participants,” said Bruce Cleaver, De Beers Group CEO.
Tracr provide true traceability, diamonds must be tracked from their point of production.
“Traceability is the key to further development of our market. It helps to ensure consumer confidence and fill information gaps, enabling people to enjoy the product without any doubts about ethical issues or undisclosed synthetics. Alrosa is glad to participate in testing Tracr, along with other market solutions,” said Sergey Ivanov, Alrosa CEO.
Tracr is focused on providing consumers with confidence that registered diamonds are natural and conflict-free, improving visibility and trust within the industry and enhancing efficiencies across the diamond value chain.