The diamond firm De Beers said it is deploying its Tracr blockchain, at scale, to provide immutable records of every diamond’s origin.
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Fast facts
- De Beers, which developed Tracr, has already registered a quarter of its production by value on the network.
- Tracr, which can register 1 million diamonds on its platform per week, claims to be the only diamond blockchain that provides tamper-proof records of diamonds’ origin at scale.
- Tracr users, like De Beers Group, get their own version of the distributed network, ensuring only users have control and access to their data.
- Tracr’s deployment “will underpin confidence in natural diamonds and represents the first step in a technological transformation that will enhance standards and raise expectations of what we are capable of providing to our end clients,” De Beers Group CEO Bruce Cleaver said in a statement.
- A New York Times article in 2000 alleged De Beers drew attention to the ethical sourcing of diamonds to hold onto its monopoly and restrict the unlawful traffic in diamonds.
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