According to a press release published May 24th, De Beers has announced that Signet Jewelers, the world’s largest diamond jewelry retailer will join their blockchain platform Tracr. The project wants to bring transparency to the diamond industry, in addition to raising consumer confidence.
Signet joins the platform while in its pilot version, which according to the press release, enables the platform to create a digital link of the diamond, from production to retail. All parties will ensure that the platform corresponds to the needs of both manufacturers and retailers, and the platform will initially focus on the tracking of diamond jewelry.
Tracr lets customers verify that the diamonds they purchase are natural and conflict-free by assigning digital certificates for each, which is then registered on the platform. The certificate will contain the diamond’s key attributes and transactions.
De Beers CEO Bruce Cleaver had this to say on the partnership:
“…Tracr is focused on bringing the benefits of blockchain technology to the full diamond value chain – providing consumers with confidence, the trade with increased efficiency and lower costs, and lenders to the industry with greater visibility.”
Signet Jewelers is based in Ohio and operates in Canadian, American, and British markets. The firm made over $3.8 billion in diamond jewelry sales. Signet reportedly has a total market share of 7 percent of the US market.
Earlier this month, De Beers piloted the Tracr platform and used it to track 100 high-value diamonds from mine to retailer by means of blockchain tech. This was the first time a diamond has been digitally traced from mine to retail. De Beers said that they expect to launch the Tracr platform later this year and that the platform will be open to the entire diamond industry.