Russian diamond giant, Alrosa, has joined the pilot programme of Tracr, the end-to-end diamond industry blockchain traceability platform being developed by De Beers in collaboration with industry stakeholders.
Alrosa’s involvement brings the world’s two largest diamond producers together to provide enhanced assurance for consumers and trade participants about the source and authenticity of their diamonds, said De Beers.
“Having a critical level of production on the platform will deliver significant benefits for consumers and diamond industry participants,” said De Beers chief executive Bruce Cleaver.
Alrosa chief executive Sergey Ivanov also said that traceability was the key to further development of our market.
“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,” he said.
“Alrosa is glad to participate in testing Tracr, along with other market solutions. We believe tracing requires industry cooperation and complementation for the sake of a common goal.”
Tracr was focused on providing consumers with confidence that registered diamonds were natural and conflict-free, improving visibility and trust within the industry and enhancing efficiencies across the diamond value chain.
The programme would also complement and support the diamond industry’s existing initiatives and regulations to ensure consumer confidence in diamonds, including the Kimberley Process Certification Scheme, World Diamond Council System of Warranties and Responsible Jewellery Council Code of Practices.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished