Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

De Beers tracks diamonds through supply chain using blockchain

Published 05/10/2018, 07:47 AM
© Reuters. FILE PHOTO: Diamonds are displayed during a visit to the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana
AAL
-

LONDON (Reuters) - Anglo American's (L:AAL) De Beers said on Thursday it had tracked 100 high-value diamonds from miner to retailer using blockchain, in the first effort of its kind to clear the supply chain of imposters and conflict minerals.

De Beers, the world's biggest diamond producer by the value of its gems, has led industry efforts to verify the authenticity of diamonds and ensure they are not from conflict zones where gems may be used to finance violence.

"An immutable and secure digital trail was created for a selection of rough diamonds mined by De Beers as they moved from the mine to cutter and polisher, then through to a jeweler," De Beers said in a statement.

Five diamond manufacturers worked with De Beers to develop the blockchain platform called Tracr, which will be launched and made available to the rest of the industry at the end of the year, the company said.

The manufacturers involved in the pilot were Diacore, Diarough, KGK Group, Rosy Blue NV and Venus Jewel.

The pilot was announced in January and had an initial focus on larger stones. Blockchain is a shared database of transactions maintained by a network of computers on the internet that is best known as the system underpinning bitcoin.

© Reuters. FILE PHOTO: Diamonds are displayed during a visit to the De Beers Global Sightholder Sales (GSS) in Gaborone, Botswana

"The Tracr project team has demonstrated that it can successfully track a diamond through the value chain, providing asset-traceability assurance in a way that was not possible before," De Beers chief executive Bruce Cleaver said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.