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Alrosa Joins De Beers’ Blockchain Platform
This means that the world’s two largest diamond producers are now on board with “Tracr,” which aims to track diamonds from mine to market.
De Beers Group has announced that Russian diamond miner Alrosa is participating in the Tracr pilot program, which aims to track diamonds from mine to market.
London—The world’s two largest diamond producers have joined forces in an effort to trace diamonds from mine to market.
De Beers Group announced this week that rival Alrosa has signed on to participate in Tracr, the end-to-end diamond industry blockchain platform currently in development by De Beers and other industry stakeholders.
Blockchain is the technology behind bitcoin that’s rapidly being applied to supply chains across numerous industries. It is a secure digital ledger that’s decentralized, meaning it exists across multiple computers and servers and is not owned by any one user or organization.
De Beers’ Tracr blockchain for diamonds launched early this year and has since recruited major players to join, such as Signet Jewelers, which was the first retailer to take part in the pilot program.
De Beers and its partners believe that the traceability accomplished with blockchain will improve consumer and trade confidence in mined diamonds, as buyers will have proof that the stones they’re purchasing are natural, authentic and come from a conflict-free area.
“We believe tracing requires industry cooperation and complementation for the sake of a common goal.” – Alrosa CEO Sergey IvanovDe Beers Group CEO Bruce Cleaver said in the press release announcing Alrosa’s participation: “We are delighted that Alrosa has joined the Tracr pilot, as the collective efforts of the world’s two leading diamond producers will enable more of the world’s diamonds to be tracked on their journey from mine to retail. Having a critical level of production on the platform will deliver significant benefits for consumers and diamond industry participants.”
Alrosa CEO Sergey Ivanov said Alrosa is glad to participate in testing Tracr, along with other market solutions; the Gemological Institute of America announced last week that Alrosa is piloting its M2M tracing system.
“We believe tracing requires industry cooperation and complementation for the sake of a common goal,” Ivanov said.
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