ALROSA Joins De Beers Diamond Blockchain Program - Tracr

Origin Tracking
30/10/2018 14:01

The world's two largest diamond miners are joining forces to provide enhanced assurance for consumers and trade participants about the provenance and authenticity of their diamonds, as ALROSA has joined De Beers' blockchain pilot program - Tracr. The announcement comes less than a week after ALROSA announced it was joining the GIA's M2M (Mines to Market) program. “Traceability is the key to further development of our market," says Sergey Ivanov, CEO of ALROSA. 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. We believe tracing requires industry cooperation and complementation for the sake of a common goal.” 

Tracr, the end-to-end diamond industry blockchain traceability platform, which tracks diamonds from the mining stage to finished jewelry using a tamper-proof record of each stone’s route through the supply chain. It is being developed by De Beers Group in collaboration with industry stakeholders. It is focused on providing consumers with confidence that registered diamonds are natural and conflict-free, improving visibility and trust within the industry and enhancing efficiencies across the diamond value chain. In addition, Tracr will work to 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. 

“To provide true traceability, diamonds must be tracked from their point of production," says Bruce Cleaver, CEO of De Beers Group. "We are delighted that Alrosa has joined the Tracr pilot, as 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. Having a critical level of production on the platform will deliver significant benefits for consumers and diamond industry participants.” The Tracr pilot was launched earlier this year and includes the participation of diamond manufacturers Diacore, Diarough, KGK Group, Rosy Blue and Venus Jewel, as well as the world''s largest retailer, Signet Jewelers.