Russian mining giant Alrosa joins pilot programme of blockchain-based diamond traceability platform ‘Tracr’

Russian diamond giant Alrosa has joined the pilot programme of Tracr, the end-to-end diamond industry blockchain traceability platform being developed by De Beers Group in collaboration with industry stakeholders.

In May, De Beers announced the pilot of the blockchain platform and said that it successfully tracked 100 high-value diamonds along the value chain. Other industry stakeholders involved in the project include five leading diamond manufacturers – Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel.

De Beers is working with BCG Digital Ventures to build the platform and the underlying technology.

“We are delighted that Alrosa has joined the Tracr pilot, as the collective efforts of the world’s two leading diamond producers will enable more of the world’s diamonds to be tracked on their journey from mine to retail. Having a critical level of production on the platform will deliver significant benefits for consumers and diamond industry participants,” Bruce Cleaver, CEO, De Beers Group, said.

Tracr aims to provide consumers with confidence that registered diamonds are natural and conflict-free, improve visibility and trust within the industry and enhance efficiencies across the diamond value chain.

According to the official release, Tracr will work to complement and support the diamond industry’s existing initiatives and regulations to ensure consumer confidence in diamonds, including the Kimberley Process Certification Scheme, World Diamond Council System of Warranties and Responsible Jewellery.

Alrosa CEO Sergey Ivanov emphasized the importance of traceability in the diamond industry and said that it requires industry cooperation and complementation for the sake of a common goal.

“It [traceability] 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,” Ivanov added.