De Beers’ Tracr, the world’s first fully distributed diamond blockchain platform enabling the registration of rough diamonds at source, and Sarine Technologies, a global leader in precision technologies across the diamond pipeline, have signed a collaboration agreement that allows each party to offer scalable, cost-effective and enhanced verification services for tracing diamonds from their source.
The partnership will permit algorithmic matching of diamonds at scale, starting from the source.
De Beers said both parties will use their respective capabilities to increase process efficiency and reduce the need for duplicate processes by existing participants.
The collaboration will create an interface between Tracr’s platform and Sarine’s cloud, which, if enabled by participants, will facilitate the seamless matching of diamond data across different stages of a registered diamond’s journey.
A key benefit of the arrangement will be the ability to offer objective verification of a diamond’s journey from a producer’s rough supply to a manufacturer’s polished production using verifiable diamond scanning information.
"We believe this collaboration will deliver a step change in traceability and provenance assurance in the diamond industry,” said Tracr chief executive Wesley Tucker.
“By enabling the connection between our blockchain technology and Sarine’s advanced precision technology, we are creating a new, cost-effective and highly scalable solution that can be implemented at pace.”
Sarine chief executive David Block said the synergy will greatly enhance the much-needed ability to trace diamonds to their source, providing the industry greater transparency and the consumers with heightened confidence.
De Beers said the solution also has the potential to function as a customs service to facilitate the traceability of a diamond's origins as it crosses international borders, in line with the requirements of the G7 Diamond Protocol.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
