Alrosa Joins De Beers Blockchain Diamond Platform

Russian diamond miner Alrosa (MCX:ALRS) has signed on to join the De Beers Group’s new end-to-end blockchain platform, designed for enhanced traceability, transparency and accountability.

As quoted from the press release:

Tracr, the end-to-end diamond industry blockchain traceability platform being developed by De Beers Group in collaboration with industry stakeholders, is pleased to announce that Alrosa has joined the platform’s pilot programme. Alrosa will join industry leaders from the diamond manufacturing and retail sectors in creating the blockchain platform by the industry, for the industry.

Following the announcement of the Tracr pilot earlier this year, Alrosa’s involvement brings the world’s two largest diamond producers together to provide enhanced assurance for consumers and trade participants about the provenance and authenticity of their diamonds, and in creating a digital foundation for new services that can only be developed on an end-to-end platform.

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.”

Jim Duffy, General Manager, Tracr, said: “As Tracr’s adoption grows, we will continue to raise the bar for the traceability, authenticity and provenance of diamonds. We look forward to working with all members of the industry to ensure we deliver a comprehensive platform that creates value for diamond businesses while meeting the consumer’s expectations.”

Click here to read the full announcement