De Beer’s Tracr Blockchain Trial Adds Russia’s Alrosa Diamond Mining Firm
Alrosa, a Russian diamond mining firm that is the largest in the world right now, has decided to join forces with De Beer in order to use its blockchain platform Tracr. The largest producer of raw diamonds in carat terms has made the partnership to use the blockchain to track diamonds.
At the moment, Alrosa and De Beers supply half of the diamonds in the world and their sales rose 12% in the last quarter.
Tracr was announced as a solution that can be used to track diamonds in an effort to improve the transparency of the market and to create more trust from the consumer. It creates a digital certificate for each diamond made by the company and it records any transactions and the characteristics of the diamond.
As the data is stored in the immutable blockchain, clients can verify the data before they buy the diamonds to be more safe than they would do without this measure. There is also the issue that many people are not keen on buying “blood diamonds”, which are mined illegally in war zones and generally used to fund combat.
The companies have affirmed that they started this new partnership because they deemed that it was necessary to move together in order to cooperate for a common goal like the Tracr blockchain, which will exist alongside with some other regulation that it is already actuant today like Kimberley Process Certification Scheme, World Diamond Council System of Warranties and Responsible Jewellery Council Code of Practices.
Tracr was first developed by De Beers in a joint effort with Diacore, Diarough, KGK Group, Venus Jewel and Rosy Blue NV and first implemented in May. Some other companies like Signet Jewelers have also entered the partnership later.