De Beers and Signet Unite for the Security of Diamond Jewelry
The blockchain project will assure that the gems are not prohibited “conflict diamonds” mined by slaves in African war zones by rendering large mine-to-customer traceability.
Preventing theft or illicit substitution is ensured by Tracr along the process so that the end users and customers are assured of the authenticity and provenance of their diamond. It is the first business that digitally tracks each diamond from mine to retail.
Bruce Cleaver,De Beers CEO, suggested in a statement:
“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.”
The CEO of Signet, Virginia Drosos, admitted:
“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.”
Tracr is presumed to launch in late-2018. It gives each diamond a unique ID code that records the stone’s weight, color, and clarity. All the information is shared on a shared database.
De Beers, responsible for one-third of the global supply of diamonds — announced in early-May 2018, that it had luckily tracked 100 high-value diamonds through Tracr. Market leaders support the use of the technology underpinning bitcoin to bolster clarity.
“Technology has already significantly contributed to improving transparency within the diamond industry,” said Amit Bhansali, managing director of Rosy Blue, one of the world’s largest diamond jewelry manufacturers. “Initiatives that use blockchain can drive this process even further.”
This novel use of blockchain reaffirms the possibility of game-changing applications of distributed ledger technology. The diamond industry isn’t the only sector that has taken the report.
Retail giant Walmart lately filed a patent for a blockchain-based digital marketplace. Walmart’s system would track the products that stocks sell to a particular customer.
Similarly, essential banks in Southeast Asia recently finished a cross-border transfer of funds from Thailand to Singapore in “a matter of seconds” using blockchain, as CCN has declared.
Even avowed cryptocurrency cynics and bitcoin bears have admitted that blockchain could change healthcare, banking, supply-chain management, and the entertainment industry.