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Alrosa To Use Tracr Blockchain To Monitor Diamonds

21:20 30/10/2018

Alrosa, a group of diamond mining companies from Russia, decided to test the Tracr blockchain solution from De Beers, which helps to track diamonds, starting from their mining to being commercially available, according to the press release of the Russian corporation.

Alrosa is the second largest diamond manufacturer in the world after the South African corporation De Beers, which began searching for blockchain solution to track diamonds in 2017. Then Bruce Cleaver, the head of De Beers, stated that the technology will provide a “highly secure digital register” for the safety of data on precious stones.

Using the information in Tracr, all interested parties will be able to track the origin of the gems, be sure of their authenticity and in the absence of grounds for possible conflicts.

“[Blockchain] helps to ensure consumer confidence and fill information gaps, enabling people to enjoy the product without any doubts about ethical issues or undisclosed synthetics”, Sergei Ivanov, the head of the Alrosa group, stated. He added that “tracing requires industry cooperation and complementation for the sake of a common goal".

Cleaver believes that it is necessary for the industry to monitor the volume of diamonds. In his opinion, ultimately, it will be beneficial to both buyers and manufacturers of precious stones.

As previously reported, the jewelry company Chow Tai Fook from Hong Kong began to use blockchain to trace the origin of precious stones.

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