World's Largest Retailer of Diamond Jewelry Has Joined Blockchain Program

    2018/05/28 12:10 Molly lv Created with Sketch.

Signet Jewelers, the world’s largest retailer of diamond jewelry, has joined Tracr, the diamond blockchain program being developed by South African gem juggernaut De Beers Group.


Signet is part of a growing chorus of industry giants that are part of the Tracr pilot program, which will track each diamond that gets mined on a shared distributed ledger.


The blockchain project will ensure that the gems are not illegal “conflict diamonds” mined by slaves in African war zones by providing comprehensive mine-to-customer traceability.


Tracr also ensures there’s no theft or illicit substitution along the way, so the end user — the consumer — can be assured of their diamond’s authenticity and provenance. It is the first program that digitally tracks each diamond from mine to retail.


“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,” De Beers CEO Bruce Cleaver remarked in a statement.


Virginia Drosos, the CEO of Signet, agreed: 

“Responsible sourcing of diamonds has always been an integral part of Signet’s corporate ethos, and this will be further strengthened through our cooperation with Tracr.”

    Adapted from: CoinTime Executive editor: Marie
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