Diamonds will keep their sparkle forever thanks to a new blockchain app developed by mining company De Beers Group.
The company has put together a tracker app called Tracr that follows a diamond from the mine to the consumer, so they can be assured of quality and no scam between the two that substitutes an original gem with a copy.
The idea is also to try and exclude infamous blood diamonds from the jewellery market.
The program digitally tracks a diamond through the supply chain by giving each gem a unique identifier that details the weight, colour and clarity so buyers are assured of the stone’s provenance. Tracr will go live from September 2018 and has already received enthusiastic support from within the jewellery market.
The blockchain database provides a secure digital trail for diamonds registered on the platform, from mining as rough stones to cutters and polishers then on to retailers.
Creating confidence for buyers
“Tracr is focused on bringing the benefits of blockchain technology to the full diamond value chain – providing consumers with confidence, the trade with increased efficiency and lower costs, and lenders to the industry with greater visibility,” said De Beers CEO Bruce Cleaver.
Other industry leaders are signing up to Tracr.
Signet Jewellers, the world’s largest diamond retailer, will share information with Tracr.
CEO Virginia Drosos said: “Responsible sourcing of diamonds has always been an integral part of Signet’s corporate ethos, and this will be further strengthened through our cooperation with Tracr.”
De Beers, which markets a third of the world’s diamond supply, has already tested Tracr by monitoring the movement of at least 100 gems through the world’s jewellery network.
Stamping out blood diamonds
Five leading diamond manufacturers – Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel – have collaborated with De Beers to develop Tracr.
Among the key aims of Tracr is helping the industry stamp out the sale of ‘conflict’ or ‘blood’ diamonds.
These are stones that fund military action by rebels trying to topple their governments mainly in Africa.
“Tracr will provide consumers with confidence that registered diamonds are natural and conflict-free, improve visibility and trust within the industry, and enhance efficiencies across the diamond value chain,” said Cleaver.