Blockchain For Diamond Tracking Created By De Beersbr>
Diamond supplier De Beers is investing in a blockchain platform that will enable the industry to trace a diamond’s entire transaction history.
De Beers CEO Bruce Cleaver said the blockchain-based diamond traceability platform will provide a single, immutable record that traces a diamond’s individual journey through the value chain. He said the aim is to provide unprecedented levels of confidence and assurance for all stakeholders.
“Imagine a world where the unique journey of a diamond, from its beginnings as an unpolished gift of nature to its ultimate purchase as a symbol of life’s most meaningful moments, can be captured in a way that is as everlasting as the diamond itself,” said Cleaver.
Cleaver added that the traceability platform will be open for those in the diamond industry that will allow for further apps to be built on top of it. More details of the plan will be released next year.
“In the months ahead, we will continue to work with leaders from across the industry and share our progress with you,” said Cleaver. “In the process we will no doubt make some mistakes, but we will continue to collaborate, learn and persevere. So while we may not yet have a fully-formed solution, I wanted to use this opportunity to share this vision, and update you on our progress to date and our commitment to deliver innovation that advances confidence in the diamond industry.”
Founded in 1888, De Beers is an international corporation that specializes in diamond exploration, diamond mining, diamond retail, diamond trading and industrial diamond manufacturing sectors. The company is currently active in open-pit, large-scale alluvial, coastal and deep sea mining. It operates in 35 countries and mining takes place in Botswana, Namibia, South Africa and Canada. De Beers sells approximately 35% of the world’s rough diamond production through its global sightholder sales and auction sales businesses.