Alrosa, the world’s largest diamond miner has joined with DeBeers to map the journey of a diamond from the mine to the ring finger. The purpose of the partnership is to improve supply chain performance in tracking the authenticity of mined diamonds and eliminate fraudulent players.
Tracer is a new software solution developed by DeBeers and launched in January 2018 with a selected group of industry participants; https://www.tracr.com/ The website states that Tracer is “setting the standard for diamond traceability” providing consumer assurance, transparency, openness, collaboration, trade confidence, security and privacy driving as the driving narrative.
DeBeers uses a collaborative mining industry focused digital platform that follows the diamond asset across the complete value chain; rock face to the adoring recipient. The miner is working with the complete supply chain including other diamond producers, banks, trading houses, product graders, governments, logistics and retailers.
“The collective efforts of the world’s two leading diamond producers will enable more of the world’s diamonds to be tracked on their journey from mine to retail,” De Beers’ chief executive Bruce Cleaver said in the statement.
“Traceability is the key to further development of our market,” Alrosa’s chief executive Sergey Ivanov said. “It helps to ensure consumer confidence and fill information gaps, enabling people to enjoy the product without any doubts about ethical issues or undisclosed synthetics.”
Blockchain is the combination of several different existing technologies combine into three component technologies; a private key cryptography, a distributed network with shared ledger, and a means of accounting for the transactions and records.
DeBeers’ use of Blockchain to development a secure supply chain solution for the diamond industry is a notable example of the global mining industry making disruptive change utilizing digital solutions from other industries.