The De Beers blockchain based diamond tracking project started several months ago, and now the company has found a collaboration.
It is the Russian Alrosa, a group of mining companies involved in the exploration, extraction, production and sale of diamonds.
Alrosa is the world leader in the diamond industry by volume produced, with 27% of the global extraction, and is also the leading company in the sector in Russia, with 95% of the country’s diamond production.
De Beers’ platform is called Tracr and has been developed in collaboration with various stakeholders in the sector. Alrosa will join the project to create a blockchain platform dedicated to the global diamond industry.
In fact, the two world’s leading diamond producers are now working on this platform, with the aim of providing more guarantees to consumers and industry players about the origin and authenticity of their diamonds.
Bruce Cleaver, CEO of De Beers Group, said: “To provide true traceability, diamonds must be tracked from their point of production. 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“.
Sergey Ivanov, CEO of Alrosa, added: “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. We believe tracing requires industry cooperation and complementation for the sake of a common goal“.
According to Jim Duffy, General Manager of Tracr, the goal is to work with all players in the industry to provide end customers with a comprehensive platform which provides assurance that registered diamonds are natural and come from conflict-free areas, according to the standards of the Kimberley Process Certification Scheme, the World Diamond Council System of Warranties and the Responsible Jewellery Council Code of Practices.
