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Alrosa Joins De Beers Blockchain

De Beers has signed up Alrosa to its blockchain pilot for the source-verification project, writes Rapaport.

“We believe tracing requires industry cooperation and complementation for the sake of a common goal,” Alrosa CEO Sergey Ivanov said.

De Beers’ Tracr platform tracks diamonds from the mining stage to finished jewellery using a tamper-proof record of each stone’s route through the supply chain. The pilot launched earlier this year. Diamond manufacturers Diacore, Diarough, KGK Group, Rosy Blue and Venus Jewel participated alongside Signet Jewellers. Alrosa’s involvement might expand the project significantly.

“The collective efforts of the world’s two leading diamond producers will enable more of the world’s diamonds to be tracked on their journey from mine to retail,” said De Beers CEO Bruce Cleaver. “Having a critical level of production on the platform will deliver significant benefits for consumers and diamond-industry participants.”

Source: Rapaport