A pair of large diamond production companies located in Russia decided to test a popular blockchain platform in order to be able to track their assets.
De Beers was the first company producing precious stones to join the Tracr pilot program. However, on Monday, Alrosa which takes the second place in the world among diamond producers, announced to join it too. The main goal of both companies is to control the route how precious stones reach their customers.
What benefit will customer have you may wonder? In fact, every client will be able to check if a stone is authentic and provenant.
According to the information mentioned in the press release, Tracr was created with the goal to make clients confident in the nature of diamonds and their being free of conflict.
The news was commented by Sergey Ivanov, company CEO, who indicated that the possibility to trace the route of their precious stones is significant to be able to extend the current market they have. Customers get a chance to fill information gaps and prevent clients from any doubts concerning the quality and nature of the stones. He also admitted that Alrosa was happy to be a participant of Tracr tests and is sure that tracking is a contribution to the industry cooperation.
Bruce Cleaver, CEO of De Beers company also agreed that the volume of precious stones must be tracked and it will be a benefit for the industry as a whole.
De Beers company made an announcement to be pioneers in taking advantage of the blockchain for tracing the itinerary of the precious stones. The company also hopes that this technology will guarantee the creation of a “highly secure digital register” containing information about diamonds.