Signet Jewelers, the world’s largest retailer of diamond jewellery, has joined De Beers Group's blockchain platform pilot programme. Named Tracr™ (which De Beers has registered as a trade mark), it is an end-to-end diamond blockchain being developed by De Beers Group in collaboration with the diamond industry,
During January 2018 De Beers announced they were working on what they called at the time - The Diamond Blockchain Initiative.
“We are delighted to welcome Signet to the Tracr pilot programme. Tracr is focussed on bringing the benefits of blockchain technology to the full diamond value chain - providing consumers with confidence, the trade with increased efficiency and lower costs, and lenders to the industry with greater visibility. Signet has deep insights into the needs of consumers, and our collaboration will ensure that consumers remain the focus of Tracr,” said Bruce Cleaver, CEO at De Beers Group.
Tracr, which will be fully launched later in 2018, is expected to provide a single, tamper-proof and permanent digital record for every diamond registered on the blockchain platform. The aim of the project, De Beers said when starting with the project earlier in 2018, will be to ultimately ensure that all diamonds registered on the blockchain platform are conflict-free and natural.
This will work by having a digital certificate created by Tracr for each diamond registered on the platform, storing its key attributes and transactions, and enabling jewellery retailers like Signet Jewelers provide customers with confidence that the hopefully thr diamond they are buying is natural, conflict-free and has been tracked across the supply chain.
“Responsible sourcing of diamonds has always been an integral part of Signet’s corporate ethos, and this will be further strengthened through our cooperation with Tracr. We are joining the Tracr pilot because we believe the project not only has strong potential to facilitate increased transparency and confidence within the industry, but it can also foster much-needed digital transformation," said Virginia C. Drosos, CEO at Signet Jewelers.
In early May 2018 De Beers Group reported that it had successfully tracked a 100 diamonds on Tracr.