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Alrosa joins forces with De Beers Group for Tracr blockchain platform

Alrosa joins forces with De Beers Group for Tracr blockchain platform

Two of the worlds biggest diamond producers have become the latest industry leaders to implement a revolitonary blockchain traceability platform.

Alrosa announced this week that it has joined the Tracr end-to-end diamond industry blockchain platform, developed by De Beers Group.

Tracr is an industry first innovative blockchain solution that will tag and trace diamonds travelling across the value chain which can then be accessed by consumers and diamond jewellers worldwide.

Alrosa was the worlds largest diamond producer by volume and second largest by revenue in 2017 and is Russia’s largest diamond mining company. The company accounts for 27% of global diamond mining.

It’s involvement with Tracr brings together the world’s two largest diamond producers together to provide enhanced assurance for consumers and trade participants about the provenance and authenticity of their diamonds, and in creating a digital foundation for new services that can only be developed on an end-to-end platform.

Sergey Ivanov, CEO, Alrosa said: “Traceability is the key to further development of our market. 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. Alrosa is glad to participate in testing Tracr, along with other market solutions. We believe tracing requires industry cooperation and complementation for the sake of a common goal”.

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Bruce Cleaver, CEO, De Beers Group, said: “To provide true traceability, diamonds must be tracked from their point of production. We are delighted that Alrosa has joined the Tracr pilot, as 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. Having a critical level of production on the platform will deliver significant benefits for consumers and diamond industry participants.”