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De Beers tracks first diamonds with blockchain

2018-5-16

De Beers said it has for the first time tracked 100 high-value diamonds along the value chain during the pilot of its industry blockchain platform.
The platform, called Tracr™, was expected to launch later this year and would be open to the industry. 
“The Tracr project team has demonstrated that it can successfully track a diamond through the value chain, providing asset-traceability assurance in a way that was not possible before,” said De Beers chief executive Bruce Cleaver.
“This is a significant breakthrough made achievable by the close engagement of the pilot participants who share our commitment to industry progress and innovation.” 
Five diamond manufacturers – Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel – had been working with De Beers during the development of Tracr and were said to have played a vital role in creating the first blockchain platform to span the entire diamond value chain. 
The platform would provide consumers with confidence that registered diamonds are natural and conflict-free, improve visibility and trust within the industry, said De Beers.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished

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