The two largest diamond producing groups on the planet have apparently began testing a new blockchain platform to track assets. As reported in our most recent blockchain news, Alrosa is the second largest diamond producer in the world, which recently announced that it was joining the Tracr pilot program which the diamond manufacturing giant De Beers joined earlier this year.
The program is based on a system that utilizes blockchain and hopes to ensure that customers and trade participants can track the diamond’s provenance and confirm its authenticity, according to a press release.
As the official press release notes:
“Tracr is focused on providing consumers with confidence that registered diamonds are natural and conflict-free.”
In a new statement, the CEO of Alrosa Sergey Ivanov said that “traceability is the key to further development of the market.” He also stated:
“It helps to ensure consumer confidence and fill information gaps, enabling people to enjoy the product without any doubts about ethical issues or undisclosed synthetics. Alrosa is glad to participate in testing Tracr, along with other market solutions. We believe tracing requires industry cooperation and complementation for the sake of a common goal.”
The CEO of De Beers, on the other hand, noted that the volume of diamonds that are being tracked is beneficial for the industry, stating:
“Having a critical level of production on the platform will deliver significant benefits for consumers and diamond industry participants,”
De Beers also announced that it was first looking to trial the blockchain system, but then Cleaver wrote that the technology would provide “a highly secure digital register” and therefore store information about the stones in a revolutionary way.
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