Blockchain technology is changing the world as we know it. Retailers can use it to track almost anything.
Now, even diamond retailers are adopting the technology to bring a bit more trust to the industry.
Blockchain Technology: The Tracr Platform
In fact, just this year, De Beers was able to successfully track 100 diamonds in an effort to increase consumer confidence. Using the Tracr platform, allowed the company to increase efficiency in the supply chain. In fact, by assigning a unique ID to each diamond, the company can track diamond characteristics through the chain.
Ultimately, this means the companies can trace every part of the diamond supply chain. Starting from the mine itself to the refinery, to the manufacturer, to the production company, to the retailer, and consumer. All to increase reliability and prove authenticity.
The Second Largest Diamond Producer is on Board to track their Precious Gems
Additionally, just this week, Alrosa announced it would join the Tracr program to track their gems.
Sergey Ivanov, CEO, Alrosa, said: “Traceability is the key to further development of our market. It helps to ensure consumer confidence and fill information gaps, enabling people to enjoy the product without any doubts about ethical issues or undisclosed synthetics. Alrosa is glad to participate in testing Tracr, along with other market solutions. We believe tracing requires industry cooperation and complementation for the sake of a common goal.”
Blockchain: A Diamond’s New Best Friend
“The retail industry is undertaking a digital revolution, and this serves as one of the key drivers of this pioneering initiative,” says Alan Chan, Chow Tai Fook Jewelry Group general manager, as quoted by Coin Rivet. “Nowadays, young consumers often show interest in the entire cycle of diamonds, and therefore there is a growing importance for jewelers to help ascertain the origin and authenticity of gemstones by leveraging modern technology.”
Therefore, it makes sense to employ blockchain technology to track not only diamonds, but all precious gems for that matter.
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