Longtime jewelry institution De Beers is teaming up with BCG Digital Ventures to build the world’s first end-to-end diamond industry blockchain platform.
Called “Tracr”, the Ethereum-based blockchain technology will track diamonds from the mine up to the end consumer. A newly mined rough diamond will be registered and each transfer, from cutting and polishing to sale, will be recorded on the blockchain.
With the creation of Tracr, De Beers is aiming to lead their industry towards more transparency and security throughout the whole diamond supply chain. Far from being exclusive to its own group of companies, De Beers and BCG is ensuring that Tracr can integrate small- and mid-sized diamond supply chain companies. However, joining the platform will make KYC checks necessary to ensure that Tracr’s integrity will not be compromised.
Feriel Zouki, International Relations and Ethical Initiatives SVP of the De Beers Group, said that this new development will provide “consumers with confidence in the product, the trade with increased efficiency, and lenders to the industry with greater visibility.”