Crypto Analyzer

De Beers Revolutionizes the Diamond Industry with the Launch of its First Diamond Blockchain Platform

De Beers, a renowned diamond mining and trading company based in the UK, is set to disrupt the diamond industry with the launch of Tracr, a blockchain-based platform that will revolutionize how diamonds are tracked and traded. This innovative platform will utilize data science and physical identification techniques to ensure transparency and authenticity throughout the diamond supply chain, from the mining stage to the retail store.

Tracr, built on the Ethereum blockchain technology, has garnered support from various industry players, including key stakeholders like Venus Jewells and Rosy Blue from the Indian diamond industry. These partnerships highlight the potential for Tracr to enhance product delivery, increase efficiency, and boost overall revenue within the diamond trade.

Feriel Zerouki, Senior Vice President of International Relations and Ethical Initiatives at De Beers Group, emphasized the comprehensive scope of the project, stating that it will cover the entire diamond value chain, providing consumers with confidence in the product, increasing efficiency for the trade, and offering greater visibility to industry lenders.

By collaborating with corporate investment firm BCG Digital Ventures, De Beers aims to implement advanced privacy controls within Tracr, allowing participants to selectively share data while maintaining privacy. Deepak Gopalakrishna, Director of Global Blockchain Projects at BCG Digital Ventures, highlighted the platform’s ability to securely track diamonds of various sizes, offering transparency and accountability at every stage of the process.

One of the key features of Tracr is its unique numbering system that enables the tracking of diamonds from mining to retail, ensuring that each diamond’s journey is recorded on the blockchain platform. Through a rigorous Know Your Customer (KYC) process, all industry players are required to undergo verification before joining the platform, thereby enhancing security and trust within the ecosystem.

While the integration of formal and informal diamond units poses a challenge, De Beers is committed to providing a safe and secure environment for all participants. The company is working towards minimizing costs for smaller players and encouraging widespread adoption of the platform across the industry.

De Beers’ initiative to launch the first diamond blockchain platform signifies a major milestone in the diamond industry, promising enhanced transparency, efficiency, and trust for all stakeholders involved. As the platform continues to evolve and expand, it is expected to revolutionize the way diamonds are tracked, traded, and valued in the global market.