The two largest diamond-producing groups on the planet are now testing together a blockchain platform to track resources.
Alrosa, the second diamond manufacturer after manufacturing giant De Beers, announced that it has joined the Tracr pilot program, which De Beers is experimenting with to determine how to monitor gemstones from their initial production to their final position.
This system hopes to ensure that customers and traders can easily monitor the provenance of a diamond and confirm its authenticity, according to a press release.
In particular, the press release notes that "Tracr" focuses on providing consumers with the certainty that registered diamonds are natural and conflict-free ".
In a statement, Alrosa CEO Sergey Ivanov said that "traceability is the key to further development of our market", explaining:
"It helps to ensure consumer confidence and fill in information gaps by allowing people to appreciate the product without question on undisclosed ethical or synthetic issues." Alrosa is pleased to participate in the Tracr experimentation, together with other market solutions. complement for the sake of a common goal ".
The CEO of De Beers, Bruce Cleaver, also noted that the volume of traced diamonds is beneficial for the industry.
"Having a critical level of production on the platform will bring significant benefits to consumers and participants in the diamond industry," he said.
De Beers announced that he was trying to test the diamond tracking blockchain last year when Cleaver wrote that the technology would provide a "highly secure digital register" to store information on the stones.
Image of diamonds through Shutterstock