• 16 hours $12M Seized in Massive US-Dubai Money-Laundering Raid
  • 2 days China Launches Digital Yuan As U.S. Dallies
  • 6 days Squid Game Rampage Fails to Lift Netflix Stock After Stellar Earnings
  • 6 days Why Tesla, EV Stocks, Could Remain Highly Volatile For Years
  • 8 days Did Big Bank Earnings Just Signal ‘Real’ Economic Recovery?
  • 9 days The Cannabis Industry Is Looking To Fill The Employment Gap
  • 9 days Apple Capitalizes On Upward Momentum Ahead Of Earnings
  • 12 days Earnings Beat Isn’t Enough for S&P 500 Q3
  • 14 days The New World Tax Order
  • 15 days Is Crypto Finally Ready To Pay The Piper?
  • 16 days Is It Time To Buy The Global Gaming Market Dip?
  • 19 days Even The Mafia Has A Millennial Problem
  • 21 days Zuckerberg Loses Billions in Social Media Outage
  • 22 days ‘Pandora Papers’ Leak Reveals More Financial Crime
  • 23 days US Retail Has A Major Supply Chain Problem
  • 26 days China Has Set Out To Crush Crypto...Again
  • 27 days Top Performing Cannabis Stocks of the Year
  • 28 days Millennials Could Power A 20-Year Bull Stock Market
  • 33 days The Million-Dollar Question: Will China Bail Out Evergrande?
  • 35 days Bitcoin Is Driven By Testosterone
Big Oil Doubles Down On Blockchain Tech

Big Oil Doubles Down On Blockchain Tech

Two more supermajors have joined…

Blockchain Startup Wants To Bring Microgrids To Japan

Blockchain Startup Wants To Bring Microgrids To Japan

Blockchain technology has already found…

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