Tracr™ is the world's only distributed diamond blockchain that starts at the source. In this way it provides seamless assurance of provenance at scale. It thus allows Sightholders to provide an immutable record of a diamond's origin. It enables jewellery retailers to have confidence in the provenance of the diamonds they buy.
More and more end customers want to know the origin of the products they buy. Therefore the diamond market is in need of a technological change for their expectations. The introduction of Tracr™ at scale provides unalterable information on the origin of De Beers diamonds. It also provides information on the entire value chain and makes it possible to ensure provenance for De Beers' 100% production.
The decentralised nature of the platform ensures its speed and scalability. Thus it has the capacity to register one million diamonds per week on the platform. Besides, managing large volumes of data on centralized platforms is likely to cause bottlenecks. But the decentralized model used by Tracr™ avoids such issues and allows for rapid scaling.
The scalability, speed and security of Tracr™ combine to provide an easy-to-understand user experience. This supports ease of use for platform participants.
De Beers has already registered a quarter of its production by value in Tracr™ in the first three Sights of the year. It is therefore preparing this first release at scale.
“...With our long-term investment in Tracr™, we are proud to join forces with Sightholders. In doing so we will provide the industry with unchanging assurance of the source of diamonds at scale. Tracr™ will enable the provision of provenance information from source to rights holder for storage on a secure blockchain. It will further underpin trust in natural diamonds and is the first step in a technological transformation. It will therefore improve standards and raise expectations of what we are able to provide to our end customers.”.
Finally, the Honourable Lefoko Moagi, Minister of Mineral Resources and Energy in the Government of Botswana, added: “The introduction of this advanced source technology is extremely exciting. Consequently our satisfaction is great as a diamond producing country and a shareholder of De Beers to be involved in this development. Because confidence in the provenance of diamonds is extremely important. So we look forward to seeing the roll-out of this new project. Because the new program will bring new benefits to the diamond industry and give consumers greater confidence.”.
