De Beers Group, a group of companies involved in diamond exploration, diamond mining, diamond retail, diamond trading and industrial diamond manufacturing, is working on a blockchain technology solution that will provide a single, tamper-proof and permanent digital record for every diamond registered on the platform. The aim of the project will be to ultimately ensure that all diamonds registered on the blockchain platform are conflict-free and natural.
The company says that they have already had a successful proof of concept trial of the "Diamond Blockchain Initiative" which resulted in a working prototype. Thus, they are currently working with "a small number of participants" on a pilot of the platform.
Benefits of the Diamond Blockchain Initiative. | De Beers Group
"Diamonds hold enduring value and represent some of life’s most meaningful moments, so it’s essential to provide assurance that a diamond is conflict-free and natural. By leveraging blockchain technology, we will provide an additional layer of assurance to consumers and industry participants, with every diamond registered on the platform having a record as everlasting as the diamond itself," said Bruce Cleaver, CEO at De Beers Group.
De Beers says it is collaborating with other technology and industry leaders to ensure "the platform is inclusive and meets the needs of all users." It is hoped that once the platform is fully established, the blockchain will operate as an open platform, on top of which a range of applications that benefit the diamond industry can be built.
De Beers has previously been accused of selling and supplying diamonds that were mined from war zones, commonly known as blood diamonds. As such, the company hopes that the Diamond Blockchain Initiative will avoid and prevent this.
“We are very excited about this initiative and the benefits it could deliver across the diamond value chain, from producers through to retailers and consumers. We look forward to continuing to engage with industry stakeholders as we progress development of the platform over the coming months," concluded Cleaver.