Tracr, a subsidiary of De Beers, has teamed with Sarine Technologies to develop a scalable, cost-effective technology for monitoring diamonds from their source to the point of entry into G7 countries.
The diamond miner said that the solution combines the complementary advantages of the Tracr platform and the Diamond Journey traceability solution from Sarine.
Tracr, the world's first fully distributed diamond blockchain platform that enables registration of rough diamonds at source, and Sarine, the global leader in precision technologies spanning the entire diamond pipeline, will each apply their market-leading skills and capabilities to create a digital ecosystem that enables tracking of diamonds throughout the value chain.
“Diamond provenance assurance is a rapidly growing priority that will affect all parts of the industry, especially with G7 nations set to implement new import restrictions,” said Tracr chief executive Wes Tucker.
The collaboration will utilise Sarine's capacity to provide objective verification of a diamond's path from rough to polished using data that has been published to the Tracr platform and can be independently verified.
The digital platform would then contain a customs site that would be used by G7 and other government officials.
Sarine Technologies chief executive David Block said that the collaboration between Tracr and Sarine will enable the diamond value chain to expeditiously increase the number of diamonds through data-based verifiable traceability, which is an urgent necessity.
“The synergy created by a solution that uses Sarine and Tracr’s complementary capabilities was the natural next step for traceability and transparency in the diamond industry,” he said.
With over 100 million diamonds employing Sarine's systems annually and over 1.5 million rough diamonds currently registered on Tracr at source, the solution is anticipated to have minimal impact on the supply chain.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
