Diamond Jewellery Retailer Signet Joins De Beers’ Blockchain Project

Announcements, Blockchain | May 28, 2018 By:

Diamond jewellery retailer Signet Jewelers has joined De Beers Group‘s pilot of blockchain traceability platform, Tracr.

Founded in 1949, Signet Jewelers is the world’s largest retailer of diamond jewelry, with approximately 5,000 stores. It operates in the middle market jewelry segment and has number one positions in the US, Canada and UK speciality jewelry markets.

Signet will be the first diamond retailer to join the pilot program of Tracr, a blockchain platform that provides a single, immutable record that traces a diamond’s individual journey through the value chain. The platform, which is expected to launch later this year, is meant to give buyers confidence that the stones they are buying aren’t fakes or so-called conflict diamonds.

Signet’s project team will work alongside the Tracr team to ensure the platform meets the needs of the jewellery manufacture and retail sectors. Initially, the two teams will focus on the tracking of diamond jewellery and expanding the pilot’s scope to cater for smaller-sized goods.

Virginia C. Drosos, CEO, Signet Jewelers, said that responsible sourcing of diamonds has always been an integral part of Signet’s corporate ethos, and this will be further strengthened through their cooperation with Tracr.

“We are joining the Tracr pilot because we believe the project not only has strong potential to facilitate increased transparency and confidence within the industry, but it can also foster much-needed digital transformation,” said Drosos.

Bruce Cleaver, CEO, De Beers Group, said that Signet has deep insights into the needs of consumers, and their collaboration will ensure that consumers remain the focus of Tracr.

“Tracr is focussed on bringing the benefits of blockchain technology to the full diamond value chain – providing consumers with confidence, the trade with increased efficiency and lower costs, and lenders to the industry with greater visibility,” said Cleaver.

Earlier this month, De Beers Group announced that it had successfully tracked its first diamonds all the way from the mine to jewelry retailers using Tracr.