De Beers, one of the world’s leading diamond production companies, recently announced the deployment of a blockchain -based diamond sourcing platform on a scale. The platform will “enable providers of information originating from source to Sightholder to store in a secure blockchain.”
The immutable record of the Origins of the Diamond
One of the world’s top diamond miners, De Beers, recently said it has deployed a blockchain -based diamond sourcing platform on a scale. The platform, known as Tracr, offers a capability called “providing an irreplaceable record of diamond origins, and [empowers] jewelry retailers have confidence in the origin of the diamonds they purchase.
The launch of the platform on a scale comes almost four years after De Beers launched its R&D phase, the company said in a statement released. The launch also came in a year when the company had “registered a quarter of its value -added production at TracrTM in the first three quarters of the year in preparation for this first scale release.”
At statement, Bruce Cleaver, CEO of De Beers Group, talks about how the blockchain is boosting confidence in an industry that is accused of not doing enough to prevent the flow of illegal diamonds.
“TracrTM, which will enable providers of information sourced from source to Sightholder to store in a secure blockchain, will support confidence in natural diamonds and is the first step in a technological transformation that will raise standards and raise expectations about what we can do. us, ”Cleaver said.
Build Stakeholder Trust
For its part, Botswana’s minister of minerals and energy, Lefoko Moagi, said that the introduction of a blockchain -based system was a matter of interest to his country, which owns 15% of the diamond -producing company, and De Beers ’other shareholders. Moagi also stressed the importance of building stakeholder confidence in how De Beers sources diamonds.
With concerns that illicitly acquired cheap helping to speed up conflict, diamond-producing companies like De Beers have faced increasing pressure to ensure that such diamonds do not find their way into the formal market. In addition, because more end clients want to know the source of the jewelry they purchase, De Beers said that this should create “technological measures to meet expectations.”
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