De Beers Implements Blockchain Tracking System for Diamonds: TRACR Global Diamond ID Platform
The Anglo American company, De Beers, informed back on Thursday that it was able to track 100 high-value diamonds from miner to retailer using blockchain technology. The information has been released by De Beers Group on a blog post.
This is the first time that a diamond’s journey has been digitally tracked. With an immutable digital trail De Beers was able to follow the path of a selection of rough diamonds from the mine to cutter and polisher, and then through to a jeweler.
The platform used is by the company is called Tracr, and is expected to be launched later this year. At the same time, the network will be opened for other companies working in the industry, providing consumers with confidence that registered diamonds are natural and conflict-free, improving trust and visibility within the industry.
Bruce Cleaver, CEO of De Beers Group, said:
“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. This is a significant breakthrough made achievable by the close engagement of the pilot participants who share our commitment to industry progress and innovation. We look forward to sharing the platform with more partners in the coming months and capturing their insights before ultimately making this technology available to the broader industry.”
Since the diamond is mined, a unique Global Diamond ID is automatically created on the Tracr platform. It stores individual diamond attributed such as carat, colour and clarity through integration with the participants’ existing record-keeping systems.
— LateShipment (@LateShipment) May 11, 2018
This allows the platform to consolidate the data into an immutable digital trail for each diamond, assuring its provenance and traceability from rough to polished. Moreover, Tracr will be using stone images, planned outcome images and diamond’s physical properties to verify the authenticity though data science and physical identification techniques.
Sevantilal Shah, Chairman of Venues Jewel commented:
“Venus Jewel is proud to be one of the first partners in Tracr. Proof of provenance is a key part of Venus’ promise to its customers, and Tracr will be an integral part of that promise. Participating in the pilot has been a successful experience and we look forward to continuing with the programme and supporting De Beers in raising the standard for the diamond industry.”