Blockchain and Diamonds: The Future of the Diamond Industry – by Andrej Kovacevic (Baltimore Post-Examiner – September 20, 2018)

http://baltimorepostexaminer.com/

On May 10 of this year, global diamond giant De Beers published a press release stating that it had successfully tracked 100 high-value diamonds from the time they left the mine until they reached the retailers’ door using blockchain technology.

According to the press release, this was the “first time a diamond’s journey has been digitally tracked from mine to retail.” De Beers is calling its new blockchain platform Tracr and will be available to the entire diamond industry as a whole before the end of the year.

With conflict gemstones and minerals in the limelight as of recent, De Beers is one among a handful of companies trying to increase consumer confidence by proving that the diamonds their buying are not funding rebel groups or rogue states, as well as make the supply chain more efficient and secure.

De Beers Group CEO, Bruce Cleaver, said Tracr was a project taken on by not only De Beers but also five other leading diamond suppliers: Venus Jewel, Rosy Blue NV, KGK Group, Diarough, and Diacore.

Using what is called a “Global Diamond ID,” Tracr is able to track each diamond according to its unique characteristics, such as its carat, clarity, and color. These are like the diamond’s fingerprint because no one diamond will share the same ones. Tracr uses each characteristic to verify the diamond’s movement, starting from the mine until it reaches its intended destination.

For the rest of this article: http://baltimorepostexaminer.com/blockchain-and-diamonds-the-future-of-the-diamond-industry/2018/09/20

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