Author: Jagdish Kumar, India
In order to track their diamonds with growing fake concerns, world’s biggest diamond miner, De Beers will be using Blockchain technology to track all its mined diamonds.
Half of the diamonds mined globally are controlled by the company and their laboratory based in Surat play a very important role in grading the diamonds that are exported globally.
The company’s International Institute of Diamond Grading and Research and Research (IIDGR) is responsible for maintaining and gathering the sate for all the diamonds journey in coordination with of De Beers in India, as well as globally.
Speaking on this, an industry analyst said that with laboratories business growing in the country, many diamonds go to other laboratories for grading , however, after using the Blockchain tech, now, all the De Beers will now be certified and all the process from point mining to retail will be recorded in a preserve systematic manner.
The analyst said that with De Beers opting for Blockchain, it is seen as a setback for other laboratories that grade diamonds.
In its pilot project, De Beers has successfully tracked 100 high-value diamonds along the value chain during the pilot of its industry Blockchain platform, marking for the first time a diamond’s that is digitally tracked from mine to retail.
Not only De Beers diamonds, other companies including Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel based in India and Antwerp are part of the Blockchain project of the De Beers.
The platform called Tracr will be launched later this year. It will provide consumer with confidence that registered diamonds are natural and conflict-free with improved visibility and trust within the industry and will enhance efficiency across the diamond value chain.
By using this secure, digital trail for each rough diamond will be created mined by De Beers as they moved from the mine to cutter, polisher and then through to a jeweller.
A De Beers sight holder on condition of anonymity said with the implementation of Tracr, clients will know all aspects of the origin and quality of diamonds. Currently, clients after buying diamonds from us go to another lab to check the authenticity.
There was a report by Martin Rapaport citing that Indian diamantaires indulging in trading of illicit diamonds, which was not true. We follow all the rules and regulations and Blockchain will provide further legitimacy to the diamond trade.
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