Jewelry leader to use blockchain technology to track diamonds
De Beers has announced that it has successfully tracked 100 high-value diamonds along the value chain during the pilot of its industry blockchain platform, marking the first time a diamond’s journey has been digitally tracked from mine to retail.
An immutable and secure digital trail was created for a selection of rough diamonds mined by De Beers as they moved from the mine to cutter and polisher, then through to a jeweller.
De Beers calls its Blockchain platform Tracr, which it says will be open to the industry when it launch later this year. The pilot was launched in January. “When fully operational, Tracr will provide consumers with confidence that registered diamonds are natural and conflict-free, improve visibility and trust within the industry, and enhance efficiencies across the diamond value chain,” it said.
When fully operational, Tracr will provide consumers with confidence that registered diamonds are natural and conflict-free, improve visibility and trust within the industry, and enhance efficiencies across the diamond value chain.
Five leading diamond manufacturers – Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel – have been working with De Beers during the development of Tracr and have played an integral role in creating the first blockchain platform to span the entire diamond value chain.
The manufacturers have significant experience in the processing of large stones, which is the initial focus of the pilot, as well as broad coverage across the midstream of 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,” states De Beers Group CEO, 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.
“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.”
“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,” highlights chairman of Venus Jewel, Sevantilal Shah.
“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.”
As the diamonds travel along the value chain, a unique Global Diamond ID is automatically created on Tracr, which stores individual diamond attributes such as carat, colour and clarity through integration with the participants’ existing record-keeping systems.
This allows Tracr to consolidate the data into an immutable digital trail for each physical diamond, assuring its provenance and traceability from rough to polished.
To support this process-based tracking, Tracr will also be using stone images, planned outcome images and a diamond’s physical properties to verify authenticity through data science and physical identification techniques.
Tracr verifies the uploaded data at each key milestone of a diamond’s journey – ensuring its accuracy and continuity – while enabling users to be in full control of what they share with other participants through the use of privacy controls.