Global diamond giant De Beers announced Thursday that it tracked 100 high-value diamonds from the mine to the retailer using blockchain technology. According to a May 10 press release, this is the “first time a diamond’s journey has been digitally tracked from mine to retail.”
De Beers says that its new platform, Tracr, is expected to launch later this year and will be open to the entire diamond industry. The effort was reportedly undertaken to enhance consumer confidence and public trust that De Beers diamonds were non-conflict, in addition to increasing efficiency in the supply chain. Conflict diamonds are uncut diamonds mined in a war-zone and traded to illicitly fund the fighting.
Continue Reading on Cointelegraph
