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Another Heavyweight Joins De Beers’ Blockchain
Chinese retailer and manufacturer Chow Tai Fook is taking part in the Tracr pilot.
London—Another jewelry industry heavyweight has become part of the pilot program for Tracr, the blockchain for diamonds De Beers Group is working to get off the ground.
In a joint statement issued last week, De Beers and Chow Tai Fook Jewellery Group announced that the Hong Kong-based retailer, which has more than 2,500 stores and owns the Hearts On Fire brand, has joined the Tracr pilot program.
The addition of Chow Tai Fook means that De Beers now has the two largest retailers of diamond jewelry in the world on its blockchain—Chow Tai Fook and Signet, which was the first retailer on the platform.
It also extends Tracr’s reach into Asia, including Greater China.
The two jewelers join key sightholders and De Beers mining rival Alrosa in participating in the Tracr pilot, which launched in January. The platform aims to trace diamonds from mine to market via a secure, decentralized digital ledger.
RELATED CONTENT: State of the Diamond Industry—New Kids on the Block(chain)In the statement announcing Chow Tai Fook’s participation, Managing Director Kent Wong noted that, “authenticity, provenance and traceability are increasingly important in the jewelry sector, particularly for consumers who pursue to know the jewelry they purchase supports their values and expectations … We believe that our participation in Tracr will help ensure we are at the forefront of this important issue.”
In addition to Tracr, Chow Tai Fook partnered with the Gemological Institute of America earlier this year to use blockchain to deliver digital grading reports to consumers of Chow Tai Fook’s T Mark diamond brand.
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