Global Giant De Beers Announces Tracking of Diamonds Via Blockchain

Global Giant De Beers Announces Tracking of Diamonds Via Blockchain  The global diamond powerhouse De Beers announced that its tract 100 high-value diamonds from its mind to their retailers utilizing blockchain technology according to the press release on May 10. Tracr is the name of their new blockchain platform which is expected to launch later this year. This new platform will be open to the entire diamond industry as an effort to enhance consumer confidence and public trust on where their diamonds are mined from. This new blockchain system will allow users to detect if the diamonds have come from “non-conflict areas”. Conflict diamonds are those that are mined from war zone countries and traded to fund the fighting. The blockchain system Tracr was developed by De Beers and 5 other leading diamond many factors. These include Rosy Blue NV, Venus Jewel, Diacore, Diarough, and KGK Group. This new unique blockchain system assigns a Global Diamond ID to each of the diamonds characteristics like carrot, color, and clarity. The data is then consolidated into a digital ledger. This ledger verifies the data at each milestone of the diamonds movement from the mine to the retailer. The initial testing of the platform was announced back in January. There have been many efforts in the past to stop the trade of “blood diamonds”. One of such efforts was the Kimberley Process Certification Scheme which is formed by the UN in 2000. This had participants agree to a legally enforceable standard to not sell diamonds from these conflict countries. The Kimberley Process website reports that it blocked 99.8% of the conflict diamonds from entering the mainstream market.   This is not entirely accurate as the diamonds can be shipped from these conflict countries to other countries and then shipped out from there. This is where the Tracr blockchain platform comes into play. In April, other leaders within the diamond and precious metals industry partner with IBM to develop the Trust Chain Initiative. Much like Tracr, the initiative designed to track the precious metals and gems from their place of origin to the retailer.

The global diamond powerhouse De Beers announced that its tracked 100 high-value diamonds from its mind to their retailers utilizing blockchain technology according to the press release on May 10.

Tracr is the name of their new blockchain platform which is expected to launch later this year. This new platform will be open to the entire diamond industry as an effort to enhance consumer confidence and public trust on where their diamonds are mined from.

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This new blockchain system will allow users to detect if the diamonds have come from “non-conflict areas”. Conflict diamonds are those that are mined from war zone countries and traded to fund the fighting.

The blockchain system Tracr was developed by De Beers and 5 other leading diamond many factors. These include Rosy Blue NV, Venus Jewel, Diacore, Diarough, and KGK Group.

This new unique blockchain system assigns a Global Diamond ID to each of the diamonds characteristics like carrot, color, and clarity. The data is then consolidated into a digital ledger. This ledger verifies the data at each milestone of the diamonds movement from the mine to the retailer.

The initial testing of the platform was announced back in January.

There have been many efforts in the past to stop the trade of “blood diamonds”. One of such efforts was the Kimberley Process Certification Scheme which is formed by the UN in 2000. This had participants agree to a legally enforceable standard to not sell diamonds from these conflict countries. The Kimberley Process website reports that it blocked 99.8% of the conflict diamonds from entering the mainstream market. 

This is not entirely accurate as the diamonds can be shipped from these conflict countries to other countries and then shipped out from there. This is where the Tracr blockchain platform comes into play.

In April, other leaders within the diamond and precious metals industry partner with IBM to develop the Trust Chain Initiative. Much like Tracr, the initiative designed to track the precious metals and gems from their place of origin to the retailer.

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