De Beers one of the world’s largest diamond producers, recently announced the large-scale launched of its blockchain-based diamond source platform. The provision of provenance information from source to sightholder for storage on a secure blockchain,” according to the platform.
Eternal Metadata Track of a Diamond
De Beers, one of the world’s largest diamond miners, recently announced that it had successfully launched a blockchain-based diamond source platform at scale. The Tracr platform allows so-called sightholders to “create an immutable record of a diamond’s provenance, and[empowers jewelry sellers to have confidence in the origin of the diamonds they purchase.
According to a statement provided by De Beers, the platform’s scale debut comes roughly four years after the R&D phase began. In preparation for this first scale release, the company has already recorded one-quarter of its production by value on TracrTM in the first three weeks of the year.
The blockchain, according to Bruce Cleaver, CEO of De Beers Group, increased confidence in a sector that has been accused of not doing enough to prevent the flow of illicit diamonds.
TracrTM will underpin confidence in natural diamonds by enabling the supply of provenance information from source to Sightholder for storage on a secure blockchain,” Cleaver stated.
Increasing Investor Trust
Lefoko Moagi, Botswana’s minister of mines and energy, said the implementation of the blockchain-based system is beneficial to both his country and De Beers’ other shareholders. Botswana owns 15% of the diamond-producing corporation. Moagi also emphasized the necessity of gaining stakeholders’ trust in De Beers’ diamond sourcing practices.
With worries that illegally obtained diamonds are fueling violence, diamond-producing businesses such as De Beers have been under growing pressure to ensure that such stones do not enter formal markets. Furthermore, as more end customers demand to know where their jewelry comes from, De Beers stated it needed to implement a technological step-change to match their expectations.
Also Read: The Indian Central Securities Depository will Use Blockchain to Support its Bond Monitoring
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