• 147 days Could Crypto Overtake Traditional Investment?
  • 152 days Americans Still Quitting Jobs At Record Pace
  • 154 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 157 days Is The Dollar Too Strong?
  • 157 days Big Tech Disappoints Investors on Earnings Calls
  • 158 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 160 days China Is Quietly Trying To Distance Itself From Russia
  • 160 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 164 days Crypto Investors Won Big In 2021
  • 164 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 165 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 167 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 168 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 171 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 172 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 172 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 174 days Are NFTs About To Take Over Gaming?
  • 175 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 178 days What’s Causing Inflation In The United States?
  • 179 days Intel Joins Russian Exodus as Chip Shortage Digs In
Big Oil Doubles Down On Blockchain Tech

Big Oil Doubles Down On Blockchain Tech

Two more supermajors have joined…

How Tech Is Decentralizing The Energy Industry

How Tech Is Decentralizing The Energy Industry

Decentralized energy solutions are sprouting…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Cryptocurrencies
  3. Blockchain

Top Diamond Miners Join Up To Test Blockchain Pilot

Diamonds

World’s No.1 diamond producer by output Alrosa (MCX:ALRS) has joined rival De Beers’ end-to-end diamond blockchain program, aimed at clearing the supply chain of imposters and conflict precious rocks.

Anglo American’s De Beers, the largest diamond miner by value, began developing its “Tracr” tracking platform last year, but officially launched a pilot program to test the technology in January.

With Russia’s Alrosa’s involvement, Tracr now counts with the main names in the diamond industry working as a group to provide enhanced assurance for consumers and trade participants about the authenticity of their gemstones.

De Beers, the largest diamond miner by value, began developing its “Tracr” tracking platform last year, but officially launched a pilot program to test the technology in January.

In May, world’s largest diamond jewellery retailer, Signet Jewelers, became the first main dealer to join De Beers' tracking pilot.

“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,” De Beers’ chief executive Bruce Cleaver said in the statement.

“Traceability is the key to further development of our market,” Alrosa’s chief executive Sergey Ivanov said. “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.”

The blockchain platform is basically a shared database of transactions maintained by a network of computers on the Internet, a technology currently being employed in the bitcoin sector.

Tracr gives each diamond a unique ID that stores stones characteristics such as weight, colour and clarity. To support the process, the system will also be using stone photos and planned outcome images.

Despite the establishment of the Kimberley Process in 2003, aimed at removing those so-called conflict diamonds from the supply chain, experts say trafficking of precious rocks is still ongoing.

De Beers and Alrosa believe the development of a system like Tracr, which will complement and support the diamond industry’s existing initiatives and regulations, should help solve that problem.

By Mining.com 

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment