Four years after launching research and development around developing its own blockchain platform in 2018, De Beers Group is now deploying the Tracr blockchain platform at scale for its diamond production.
Tracr is the world's only distributed diamond blockchain that starts at the source and provides tamper-proof source assurance at scale, enabling Sightholders to provide an immutable record of a diamond's provenance, and empowering jewellery retailers to have confidence in the origin of the diamonds they purchase.
The platform brings together a range of leading technologies – including blockchain, artificial intelligence, the Internet of Things and advanced security and privacy technologies – to support the identification of a diamond's journey through the value chain.
De Beers has already registered one quarter of its production by value on Tracr in the first three Sights of the year in preparation for this first scale release.
Delivering100% source assurance
With more end clients wanting to know the source of the products they buy, the deep meaning associated with a diamond purchase requires a technological step-change to meet their expectations. The introduction of Tracr at scale delivers immutable information on the source of De Beers' diamonds across the value chain and makes source assurance for 100% of De Beers' production possible.
Bruce Cleaver, CEO, De Beers Group, said: "De Beers discovers diamonds with our partners in Botswana, Canada, Namibia and South Africa and, with our long-term investment in Tracr, we are proud to join with our Sightholders to provide the industry with immutable diamond source assurance at scale.
“Tracr, which will enable the provision of provenance information from source to Sightholder to store on a secure blockchain, will underpin confidence in natural diamonds and represents the first step in a technological transformation that will enhance standards and raise expectations of what we are capable of providing to our end clients."
Advanced data security and privacy
The Tracr platform combines distributed ledger technology with advanced data security and privacy, ensuring that participants control the use of and access to their own data. Each participant on Tracr has their own distributed version of the platform, meaning that their data can only be shared with their permission, and only they choose who can access their information.
The advanced privacy technologies used by Tracr reinforce data security on the platform. The immutable nature of each transaction on the platform ensures that the data cannot be tampered with when the diamond progresses through the value chain.
Moreover, the decentralised nature of the platform ensures its speed and scalability, with the ability to register one million diamonds a week onto the platform. With centralised platforms, dealing with large volumes of data can cause bottlenecks, but the decentralised model used by Tracr avoids such issues and enables rapid scaling.
The scalability, speed and security of Tracr are combined into an intuitive user experience to support ease of use for platform participants.
Lefoko Moagi, Minister of Minerals and Energy, Government of Botswana said: "The introduction of this advanced provenance technology is extremely exciting and we are very pleased as a large diamond producing country, and shareholder in De Beers, to be a part of this development. Confidence in diamond origin is extremely important and we look forward to seeing the roll out of this new programme delivering new benefits to the diamond industry and giving more assurance to consumers."
De Beers' provenance claims have been certified by the Responsible Jewellery Council and trust in the De Beers source of diamonds is also assured by the business's Pipeline Integrity programme which involves annual third-party verification visits of participants by independent auditors.