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Alrosa collaborates with Everledger to track provenance of diamonds using blockchain technology

Alrosa and tech company Everledger are planning to launch the blockchain-based WeChat Mini Program to track the provenance of diamonds.

Image: Unsplash

Wed, 18 Dec 2019, 13:27 pm UTC

Russian-based diamond mining company Alrosa has partnered with tech firm Everledger to bring a blockchain-based WeChat Mini Program to Chinese retailers. This new software will help diamond purchasers in China track the provenance and history of a given stone, increasing the trust between sellers and buyers, Global Mining Review reported.

A pilot program featuring Alrosa’s diamond will be launched which will aim to allow tracking the diamond through the supply chain – right from where it’s been mined and to the retailer where it’s ultimately sold.

Pavel Vinikhin, head of ‘Diamonds of Alrosa’, said that they’re confident the pilot will be successful.

“We are delighted to support this WeChat Mini Program with Everledger, as it reinforces our pursuit for sustainable mining and transparent supply chain information. Chinese consumers will be certain of the origin of their diamonds. We believe demonstrating full provenance of our diamonds on the most popular social media platform will help us to further strengthen our sales base in China,” Vinikhin said.

A robust exposure

As of 2019, WeChat’s users have ballooned to over 1 billion participants. Having the program exposed to these many individuals will undoubtedly solidify Alrosa’s position, not only in the Chinese market but in the overall diamond industry.

The solution will also allow jewelry manufacturers to offer their customers with insightful stories about their products and brands, thereby helping them gain a unique edge against their competitors who aren’t leveraging what the program provides.

A broader initiative

Additionally, buyers will be more confident that the diamond they’re purchasing was mined ethically and didn’t come from questionable sources. Evgeny Gokhberg, head of Europe at Everledger, said that this partnership will only be a start as they’re planning to spread the program globally.

“This is just the beginning of a much broader roll out with our partner Alrosa, as we share the same goal of enabling more transparency to the market. By providing 100% certainty of a diamond’s origin and journey to the consumer in an easy to experience online platform such as WeChat, we are confident that this innovation will set a new standard when it comes to traceability and responsible business practices,” Gokhberg said.

According to a press release, the companies are currently reviewing retailers for their participation with plans to officially launch in the second quarter of 2020.

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