Contact Person : Jack
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May 8, 2022
As more and more end customers want to understand the provenance of the products they buy, the deeper implications associated with buying diamonds require technological advancements to meet their expectations. The mass introduction of Tracr™ provides immutable information about the provenance of De Beers diamonds throughout the value chain and enables a provenance guarantee of 100% of De Beers production.
The decentralized nature of the platform ensures its speed and scalability, with the ability to register one million diamonds on the platform every week. With centralized platforms, processing large amounts of data can cause bottlenecks, but the decentralized model used by Tracr™ avoids such problems and enables rapid scaling.
De Beers Group is launching the Tracr™ blockchain platform at scale for its diamond production. Tracr™ is the world's only distributed diamond blockchain that provides tamper-proof provenance assurance at the source and at scale, enabling sightholders to provide an immutable record of a diamond's provenance and jewelry retailers to keep track of the originality of the diamonds they buy. Origin to buy with confidence.
De Beers has registered a quarter of Tracr™ production in the first three Sights of the year in preparation for its first large-scale launch.
The scalability, speed and security of Tracr™ are combined into an intuitive user experience to support ease of use for platform participants.
Bruce Cleaver, CEO of De Beers Group, said: “…with our long-term investment in Tracr™, we are proud to work with our sightholders to provide the industry with a large-scale, immutable diamond provenance guarantee. Tracr™ Will be able to provide provenance information from source to sightholder to be stored on a secure blockchain, will underpin confidence in natural diamonds and represent the first step in a technological transformation that will raise the bar and raise expectations for our capabilities to our end customers.”
The Honourable Lefoko Moagi, Minister of Mines and Energy, Government of Botswana, added: “The introduction of this advanced origin technology is very exciting and we are delighted to be a part of this development as a large diamond producer and shareholder in De Beers. Confidence in the origin of diamonds is very important, and we look forward to seeing the introduction of this new program to bring new benefits to the diamond industry and provide more assurance to consumers.”