De Beers, one of the world’s leading diamond producing companies, recently announced the large-scale deployment of its blockchain-based diamond provenance platform. The platform will “be able to provide provenance information from source to sightholder for storage on a secure blockchain.”
Immutable record of diamond provenance
One of the world’s top diamond miners, De Beers, said recently that it has deployed a blockchain-based diamond provenance platform at scale.Dubbed Tracr, the platform enables so-called sightholders to “provide an immutable record of a diamond’s provenance, and [empowers] Jewelry retailers have confidence in the origin of the diamonds they buy. “
A statement released by the company said the large-scale launch of the platform comes nearly four years after De Beers initiated the research and development phase. The launch also comes at a time when the company has “registered a quarter of its production on TracrTM by value in the first three attractions of the year in preparation for its first large-scale launch”.
in a statement, De Beers Group CEO Bruce Cleaver talks about how blockchain has boosted confidence in an industry that has been accused of not doing enough to stem the flow of illicit diamonds.
“TracrTM will enable provenance information from source to sightholder to be stored on a secure blockchain, which will underpin confidence in natural diamonds and represent the first step in a technological transformation that will raise the bar and improve our capabilities expectations to our end customers,” Cleaver said.
Build stakeholder confidence
Lefoko Moagi, Botswana’s Minister of Mines and Energy, said the introduction of the blockchain-based system has pleased both Botswana (the country that holds a 15 percent stake in the diamond-producing company) and De Beers. other shareholders. Moagi also reiterated the importance of building stakeholder confidence in the way De Beers diamonds are sourced.
Fear of illegally obtained diamonds fuel conflict, diamond-producing companies like De Beers are under increasing pressure to ensure that such diamonds do not enter the formal market. Additionally, as more end-customers insist on knowing where the jewelry they buy comes from, De Beers says it means it has to make “technical changes to meet their expectations.”
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